Steve & Barry's To Be Sold For $168M

Law360, New York (August 21, 2008, 12:00 AM EDT) -- Bankrupt retailer Steve & Barry's LLC should be able to continue operating most of its 276 stores under the terms of a $168 million purchase agreement reached Thursday with an affiliate of investment firm Bay Harbour Management.

BHY S&B Holdings LLC, a newly-formed affiliate of Bay Harbour and York Capital Management, was the winning bidder in an auction for the company's assets that was completed early Thursday morning, according to Steve & Barry's.

The acquisition still requires the approval of U.S. Bankruptcy Court for the Southern...
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