Steve & Barry’s LLC, the 276-store Port Washington, NY-based clothing chain that recently signed a clothing deal with big wave surfer Laird Hamilton, filed for Chapter 11 bankruptcy protection today according to a story on NBCSanDiego.com.
The company announced that it was considering a plan to sell all or some of its assets to repay outstanding debt, and was eliminating 172 corporate and field staff positions immediately. The parent company and 63 of its affiliates filed for protection from its creditors in the U.S. bankruptcy court for the Southern District of New York. . . .”The generally poor environment for apparel retailers has reduced funding to our suppliers, landlords and to our company,” Steve Shore and Barry Prevor, co-founders and co-CEOs, said in a statement. “It has become increasingly difficult for us to continue operating normally under these circumstances.”
Somehow, we’re not surprised.
[Link: NBCSanDiego.com]
