Tuesday, July 1, 2008

Steve & Barry's Filing For Bankruptcy?

It was just last week I reported that Steve & Barry's would be opening at The Gallery at South DeKalb. However, it has come to my attention that Steve & Barry's is on the brink of bankruptcy!

Steve & Barrys is known for their uber cheap apparel and rapid growth, but wih that said, it seems they are now in financial trouble. Their celebrity endorsed / designed lines from Sarah Jessica Parker's line "Bitten," Amanda Bynes' line "Dear," Venus Williams' line "EleVen," and Stephon Marbury's line "Starbury," have been a hit but it seems not enough of a hit to stabilize the company. It is said they are in need of $30 Million in funding or may face immediate bankruptcy. The idea of puttting itself up for sale to the likes of Wal-Mart or going public for instance, have been mentioned as ways to avoid a Chapter 11 filing.

Stay tuned for further details! Repeat Atlanta!

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