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Two Retailers Declare Bankruptcy

by Sally Andersen

Retailers are grabbing at every last ditch effort possible to save their businesses in a dying realm. Sales, free shipping online, collaborations with lower market stores, buyouts … sometimes nothing works.

At a time when Charlotte Russe stores are turning down offers to be bought out, Bay Harbour Management and York Capital Management are likely wishing Steve & Barry’s had turned them down. The two companies joined monetary forces in September to purchase the mid-level department stores when the original Steve & Barry owners filed for bankruptcy. Now, Bay Harbour and York Capital are following suit: they filed for bankruptcy. Liquidation sales have begun for the 173 stores, and the new owners are expecting significant loss.

Also joining the liquidation and bankrupt list is Bill Blass New York, a direct sales firm for the design label. Perhaps Peter Som smelled trouble brewing when he branched away from Blass in October.

I think my coworker said it best: “New clothes are the first thing to go when your budget is tightening.”

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Posted in Designers, In the News, The Business Side on November 21st, 2008

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