Steve & Barry's cuts to include its Brookdale, Baxter shops

Last update: September 2, 2008 - 7:41 PM

Steve & Barry's said Tuesday it will close two of its five Minnesota stores as part of a plan to reposition the discount retailer, which was bought last month by an East Coast investment partnership.

Stores in Brookdale Center in Brooklyn Center and Westgate Mall in Baxter will be closed, although no final date has been set, said a Steve & Barry's spokesman. Stores in Burnsville Center, Northtown Mall in Blaine and Knollwood Mall in St. Louis Park will remain open.

Steve & Barry's was recently purchased out of bankruptcy by BH S&B Holdings, an affiliate of investment firms Bay Harbour Management and York Capital Management.

The new owners plan to reduce the number of stores nationwide from 276 to about 170.

Bay Harbour's holdings have included the Planet Hollywood Resort and Casino on the Las Vegas Strip, which the hedge fund helped finance after buying the Aladdin casino out of bankruptcy.

SUSAN FEYDER

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