News 12 at 6, July 8, 2008
NORTH AUGUSTA--Just one week after coffee giant Starbucks announced it's closing 600 stores, another big American company, Steve and Barry's says it will be filing for bankruptcy. It may shut down a number of its stores too.
Low-priced retail chain Steve and Barry's has filed for Chapter 11 bankruptcy, and there are reports that the company could be closing the doors of at least 100 stores because of that.
12 On Your Side put in a call to the North Augusta location and the person who answered the phone said that store will not be closing. We were not able to verify that information with the corporate office as of yet.
The company's website does not mention anything on it about the bankruptcy.
The Associated Press says company officials are blaming the bad economic times as the reason.
The retailer had been expanding rapidly. It had been making its mark as place where you could get good quality inexpensive clothes, most of it for under 10 dollars.
It had several celebrity endorsers including Sarah Jessica Parker, NBA players Stephon Marbury and Ben Wallace and even tennis great Venus Williams.