On Your Side: Steve and Barry's Bankruptcy

By: Jeff Anderson Email
By: Jeff Anderson Email

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.

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  • by james caldwell Location: 4336CREEKVIEW DR HEPHZIBAH GA 30815 on Dec 29, 2008 at 03:23 PM
  • by nolan on Jul 27, 2008 at 05:26 AM
    to alica in fort myers flordia....email me at nolan_ashe@yahoo.com about my post on july 16th......I have since found out that they have done this in the past....
  • by ALICA Location: FLORIDA,FORT MYERS on Jul 24, 2008 at 10:44 AM
  • by nolan Location: north carolina on Jul 16, 2008 at 11:49 AM
    They are not laying off, they are wrongful acussing their employee that are head cashiers of stealing and telling them they have them om cameras of which there are none there...telling a 18 yr old that it will be on their record if they don't sign a note to pay back....they keep on telling lies to get them to sign....remember when you was 18 and your fist job...this is done over the phone with no witnesses...lie after lie to these young people.done to one july 14th and the next day to a young lady..and the LP man told her that he had to hurry he had six more calls to make...they have law firm in orando fla.that does nothing but collect these...should be against the law...
  • by Heather Location: Cleveland, OH on Jul 10, 2008 at 09:26 PM
    I worked here briefly and know the mgr at the Augusta store. They treat their employees like crap (esp. managers). I feel bad for all these hardworking people with all their dedication and spirit being fired...think of their families and all the blood, sweat and tears they gave to this company. S&B was VERY cloak and dagger when I worked there. No one would give you a straight answer about anything. I met both founders and the Director of Operations. Brilliant concept- but definitely not one that was infinitely sustainable. That was evident the first time I didn't get paid on time. To the employees of S&B, polish off your resumes and start looking. Don't put your faith in them to take care of you, because they won't.
  • by Austin Chu Location: Irvine, CA on Jul 9, 2008 at 11:25 PM
    I work for a company that manages and tracks gift cards, and I've been following retailers filing for bankruptcy on savvywallet.com. My advice? Go spend your gift cards, you may not know how long they will be accepting them. Don't forget The Sharper Image incident: $75m in unused gift cards.
  • by S&BHATER Location: IL on Jul 9, 2008 at 09:06 PM
    It's funny, you read comments from one of the founders of the company, and he blames the economy, he blames high rents, he blames being cut off by suppliers..........but he never blames his and the other founders poor business ethics!! As a FORMER SUPPLIER I can tell you in no uncertain terms that the reason suppliers cut off this company is because THEY DON'T PAY THEIR BILLS!! They buy the products for next to nothing as it is, demand the products be delivered in an unrealistic timeframe and when you bust your hump to make sure those products make the deadline THEY STIFF YOU ON THEIR BILLS.........POOR STEVE & BARRY? They have their Accounts Payable people lie to you til they are blue in the face (how many of you were told Barry himself signs the checks and they have to wait for him to do so? PLEASEEEEEEEEEEE we're not mentally retarded) - And yet you read posts on here from "loyal employees" who take these guys side.........cut your loses while you can people and jump off the Titanic before it's totally submerged, cut God know Steve & Barry aren't going to worry about how you're going to feed your families when they close their doors! WHAT COMES AROUND GOES AROUND BOYS- IT COULDN'T HAPPEN TO TWO NICER GUYS!!
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