Wednesday, July 09, 2008

Steve & Barry's files Chapter 11

Well, it finally happened:
Steve & Barry's LLC, once a growing force in low-priced fashion retailing, said Wednesday that it filed for Chapter 11 bankruptcy protection, the latest merchant to succumb to a harsh consumer spending climate. [,,,]

Steve & Barry's also announced that it was considering a plan to sell all or some of its assets to repay outstanding debt.

I'll have to get there to buy a few more pairs of $8.98 jeans before they close.

The lesson to be learned from this: When something seems too good to be true, it probably is. Not original, I know, and one you'd think I'd have learned by now, but sometimes we need to re-learn things.

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