Steve & Barry’s has decided to file Chapter 11 on Wednesday, June 9. What exactly is Chapter 11 (Click Here). The company has 276 stores which are still open while steps are taken to reorganize the company.
Steve & Barry’s is also reducing expenses through layoffs and office consolidations. The firm cut 172 corporate and field staff positions Wednesday, it said.
High costs of materials and fuel prices have increased our cost of goods and cost of operating,” said founders and co-chief executive officers Steve Shore and Barry Prevor. “The generally poor environment for apparel retailers has reduced funding to our suppliers, landlords, and to our company. It has become increasingly difficult for us to continue operating normally under these circumstances.