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Home > BizTimes Daily > Archives > July 1, 2008
Steve & Barry's contemplates bankruptcy
Published July 1, 2008 - BizTimes Daily
Retailer Steve & Barry's LLC is running out of cash and is preparing to close more than 100 of its stores as it contemplates bankruptcy, according to a report in The Wall Street Journal.
The Port Washington, N.Y.-based apparel chain is considering a complete liquidation of its assets if it cannot find emergency financing, according to the report.
The company's bankruptcy counsel, Weil Gotshal & Manges LLP last weekend prepared for a potential bankruptcy filing as soon as this week, The Journal reported.
Sources told The Journal that Steve & Barry's officials were reaching out to other retailers, such as Wal-Mart Stores Inc., Gap Inc. and Sears Holding Corp., to see if they have any interest in investing in the company.
Steve& Barry's operates nine stores in Wisconsin, including a store at Southridge Mall in Greendale.
