The Wall Street Journal reports:

Fewer than three months after a private-equity firm and hedge fund acquired the discount clothing chain (Steve & Barry’s) out of bankruptcy for $168 million, it stands on the brink of liquidation.

The 275-unit Port Washington, N.Y., chain, which gained national prominence with fashion lines by celebrities such as actress Sarah Jessica Parker and surfer Laird Hamilton, is set to announce this week it will go out of business, according to two people familiar with the situation.

Bay Harbour Management LC, the private-equity firm based in New York that acquired (about) 175 of the stores, has hired a liquidation firm to handle the going-out-of-business sale for the chain. The roughly 5,000 employees will be let go.

This blog in September reported that the retailer began closing about 100 of its approximate 275 stores. The closures included a 45,000-square-foot store at Buena Park Downtown.

The retailer’s only other O.C. store is at The Block at Orange. In September, the Orange store was not slated to close. But based on The Wall Street Journal story, the Orange store may now shutter.

More from OC Retail:

• Macy’s exec addresses store closure rumors
• Downtown Disney store to close
• Nordstrom reduces prices on 800-plus styles
• 1,000-plus store closures expected after Christmas
• Brea Mall store closes
• Fitness retailer with 5 O.C. stores files for bankruptcy
• 2 Irvine store openings
• American Idol winner designs clothing for O.C. retailer

For more from OC Retail, see list of links on right-hand side of this blog.

Posted in: Block at Orange • Steve & Barry's • Orange |

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