Steve & Barry's, the retailer of celebrity-branded apparel, has abandoned plans to keep its stores open and will liquidate them over the next few months, according to a bankruptcy court filing.
In Minnesota, that spells the end for the chain's remaining stores at Burnsville Center, Northtown Mall in Blaine and Knollwood Mall in St. Louis Park. In September, the retailer said it would close its two other Minnesota stores, at Brookdale Center in Brooklyn Center and Westgate Mall in Baxter, near Brainerd.
The retailer filed for Chapter 11 bankruptcy protection in July after its growth plans were hurt as consumers cut back on spending. The investment firms that bought Steve & Barry's in August had planned to close some stores and keep operating with a smaller base.
But the retailer and its owner, affiliates of Bay Harbour Management and York Capital Management, said in the filing Wednesday that they have joined with liquidator Great American Group to liquidate all inventory in remaining stores by the end of this year or early next year.
"For various reasons, including the general health of the American economy and the state of the retail market in particular, sales at all stores have been disappointing," said the documents filed in U.S. Bankruptcy Court in New York.
Steve & Barry's legal counsel Christopher Fugarino said the company had no immediate comment.
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