Despite a private equity buyout earlier in the year, Steve & Barry's stores will be selling all merchandising and closing the entire business in the coming months. The chain previously announced more than 100 store closings but was planning to run 173 existing stores. A lack of financing for continuing operations, caused by soft sales, resulted in the about-face. Affiliates of the new owners filed for Chapter 11 bankruptcy protection Wednesday.
updates: November 2008 Archives
Ending a common topic in this space, Circuit City filed for Chapter 11 bankruptcy protection Sunday. The company notes in a subhead of its press release that it is "fully operational and open for business." Excluding the rash of store closings, I suppose.
As anticipated last month (and noted here), Circuit City confirmed store closings and is scaling back expansion plans while renegotiating leases. Some industry observers are already saying goodbye to the retailer, saying that it has too many negative positions to rebound.
A PDF of the store closings is available, listing all 155 affected locations.
