Steve & Barry's Looking To Liquidate: Report

Law360, New York (July 14, 2008, 12:00 AM EDT) -- Steve & Barry's LLC's Chapter 11 case is reportedly likely to end in liquidation, with Sears Holding Corp. and Gap Inc. among several retailers circling the bankrupt clothing chain and its celebrity-affiliated brands.

Sources knowledgeable about Steve & Barry's finances, including senior executives, told the Wall Street Journal that, unusually, it was not robust clothing sales but fat payments from struggling mall owners on the lookout for anchor stores that propped up the clothing chain until it entered bankruptcy last week, the paper reported Monday....
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