No surprise here but Women's Wear Daily broke the news yesterday that Steve & Barry'shas filed for Chapter 11 bankruptcy protection. Analysts suggest that this may be the end for the 23 year old brand -
Stevan Buxbaum, executive vice president of Buxbaum Group, an appraisal and liquidation firm, took a dim view: "Steve & Barry's is most likely a liquidation. While there's talk of Sears looking at the company and some of its assets, that's not going to happen. The reason is there's no proof that Steve & Barry's ever had a working model. The margins were too low. This was just a momentum play. The numbers never worked because there was insufficient margin to sustain the business."
Fans of SJP's Bitten line need not fear, however. Parker apparently owns the line and Steve & Barry's is said to be up-to-date in their royalty payments to her. If the store is liquidated, it seems like a safe bet that another store (Target, Walmart, JC Penney or similar?) will pick it the license.
0 comments:
Post a Comment