Steve & Barry's Files For Ch. 11

Law360, New York (July 9, 2008, 12:00 AM EDT) -- Clothing chain Steve & Barry's LLC filed for Chapter 11 protection on Wednesday, becoming the latest in a recent string of retail companies to seek bankruptcy protection.

The 276-store chain blamed its financial problems on volatility in the credit markets and general economic conditions. It said it is taking steps to reduce expenses with staff reductions, including the elimination of 172 employees on Wednesday, and may put itself up for sale to pay off outstanding debts.

In a Chapter 11 filing in the Southern District of...
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