Steve & Barry's Gets $163M Offer To Avoid Liquidation

Law360, New York (August 4, 2008, 12:00 AM EDT) -- Bankrupt retailer Steve & Barry's LLC has reached an agreement to sell most of its leases and all of its merchandise and intellectual property rights to an investment firm for $163 million.

Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York on Tuesday approved the auction procedure that Steve & Barry's had proposed in court documents earlier that day. The retailer told the court it had entered into a stalking horse asset purchase agreement with BH S&B Holding LLC,...
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