This one really caught me off-guard: Steve & Barry's, the college-town apparel retailer known for selling decent-quality, reasonably fashionable apparel, all at prices under $10, is said to be on the brink of bankruptcy, searching desperately for $30 million to keep the company going through 2008.
It's surprising because, in the past month alone, the discounter has opened nine new stores, bringing the total up to 270. According to The Wall Street Journal (subscription required), the company had been booking a large chunk of its profits from one-time, up-front payments made by mall operators seeking to fill vacant big-box spaces. After those payments, many of the stores are only marginally profitable.
Steve & Barry's had established a niche with ultra low-priced goods, many of which bear the endorsements of celebrities including Sarah Jessica Parker and Amanda Bynes, and athletes like Bubba Watson, Venus Williams, and Stephon Marbury.
Its cash crisis aside, I'll be shocked -- and disappointed -- if Steve & Barry's disappears anytime soon. It would seem to be a strong strategic acquisition target for a number of companies, especially anyone looking to reach out to cash-strapped consumers struggling with high gas prices. $8.88 NBA-player endorsed basketball shoes would seem to be pretty recession-proof. Wal-Mart (NYSE: WMT) could probably do great things with the company. Raising cash through an initial public offering also can't be ruled out.
Steve & Barry's appears to be (yet another) victim of overly aggressive expansion and hubris, but the concept remains strong, and I think it will be around for a long time.











Reader Comments (Page 42 of 85)
8-27-2008 @ 11:33PM
wishiknew said...
O and there WAS an attachment on the emails, but I didn't check to see what it was. Is there a way to check SB mail at home?! I'm so kicking myself right now!
8-27-2008 @ 11:36PM
wishiknew said...
Oops posted that before I saw the previous posts. That was NOT the email I received at all. I am assuming we are closing.
8-28-2008 @ 12:00AM
SHUT DOWN!! said...
Yeah, and we (the closing store managers) didn't even receive a thank you for your years of putting up with your sh*t.. no all we got was a list and a big f**k you... Thank you Steve, Barry, Gary, Eric, Andy and all you other idiots who are going to run the company into the ground once again. What they did here was take a chicken with it's head already cut off and then cut the feet off.. I'll watch the back page of the financial times for the article titled "Steve and Barry's to Fully liquidate because they have no licenses, no celebs and no integrity" Congrats go-forward store managers and directors.. Watch how badly these old DM's run these stores into the ground most of them haven't got a clue how to run a store. I know one blonde haired, snaggle-tooth smoker who doesn't have a f'ing clue. Are they going to knock the managers down to keyholders to make way for this inept group of excell data entry clerks? Good luck managers of go-forward stores. I hope it gets easier for you. Your skills are no doubt above par but your store wasn't chosen due to its profitability but rather its lease terms.
8-28-2008 @ 12:46AM
chapter eleVen said...
so what did the people on the conferance call have to say? another load of bull?
8-28-2008 @ 7:24AM
sjp said...
Thanks Gobsmacked for the update on the hourly employees.
8-28-2008 @ 8:19AM
prestidigitation said...
here is the list of stores staying open that came from a closing store. If you are not on this list, you are screwed.
4 UNIVERSITY OF INDIANA BLOOMINGTON IN NO NO NO NO
6 UNIVERSITY OF MICHIGAN ANN ARBOR MI NO NO NO NO
9 UNIVERSITY OF WISCONSIN MADISON WI NO NO NO NO
12 JERSEY GARDENS ELIZABETH NJ NO NO NO NO
15 LAKESIDE MALL STERLING HEIGHTS MI NO NO NO NO
17 FAIRLANE TOWN CTR DEARBORN MI NO NO NO NO
18 EAST TOWNE MALL MADISON WI NO NO NO NO
19 CENTERPOINT MALL GRAND RAPIDS MI NO NO NO NO
20 OAKLAND MALL TROY MI NO NO NO NO
21 CINCINNATI MILLS CINCINNATI OH NO NO NO NO
23 MERIDIAN MALL OKEMOS MI YES NO YES NO
25 LAFAYETTE SQUARE INDIANAPOLIS IN NO NO NO NO
26 FESTIVAL BAY ORLANDO FL NO NO NO NO
28 EASTGATE MALL CINCINNATI OH NO NO NO NO
29 CENTURY III MALL WEST MIFFLIN PA NO NO NO NO
30 WALDEN GALLERIA BUFFALO NY NO NO NO NO
31 MILLCREEK MALL ERIE PA NO NO NO NO
32 NORTHTOWN MALL BLAINE MN NO NO NO NO
33 GENESSEE VALLEY FLINT MI YES NO YES NO
34 RIVER VALLEY MALL LANCASTER OH YES NO YES NO
35 SOUTH MALL ALLENTOWN PA YES NO YES NO
37 BROADWAY MALL HICKSVILLE NY YES NO YES NO
38 POTOMAC MILLS WOODBRIDGE VA YES YES YES NO
40 TOWN MALL WESTMINSTER MD NO NO NO NO
43 INDIAN MOUND MALL HEATH OH NO NO NO NO
44 PALISADES CENTER WEST NYACK NY NO NO NO NO
47 MALL @ STEAMTOWN SCRANTON PA NO NO NO NO
48 CHICAGO RIDGE MALL CHICAGO RIDGE IL NO NO NO NO
49 COLONIE CENTER ALBANY NY YES NO YES NO
50 DESERT SKY MALL PHOENIX AZ NO NO NO NO
54 CORTANA MALL BATON ROUGE LA YES NO YES NO
57 NORTH RIVERSIDE MALL RIVERSIDE IL NO NO NO NO
60 BATTLEFIELD MALL SPRINGFIELD MO NO NO NO NO
61 SAVANNAH MALL SAVANNAH GA NO NO NO NO
64 GRAPEVINE MILLS GRAPEVINE TX YES YES YES NO
65 MADISON SQUARE HUNTSVILLE AL NO NO NO NO
67 LYNNHAVEN MALL VIRGINIA BEACH VA NO NO NO NO
68 SILVER CITY GALLERIA TAUNTON MA NO NO NO NO
69 ONTARIO MILLS ONTARIO CA NO NO NO NO
70 THE BLOCK @ ORANGE ORANGE CA YES NO YES NO
71 CROSSROADS MALL OKLAHOMA CITY OK NO NO NO NO
72 TOWN EAST SQUARE WICHITA KS NO NO NO NO
73 KILLEEN MALL KILLEEN TX NO NO NO NO
76 WEST TOWNE MALL MADISON WI NO NO NO NO
77 FRENCHTOWN MALL MONROE MI NO NO NO NO
79 EASTPOINT MALL BALTIMORE MD NO NO NO NO
80 GREAT MALL OLATHE KS NO NO NO NO
86 SOUTHRIDGE MALL GREENDALE WI YES NO YES NO
87 FASHION SQUARE MALL SAGINAW MI NO NO NO NO
92 PARKDALE MALL BEAUMONT TX YES YES NO NO
97 ALMEDA MALL HOUSTON TX NO NO NO NO
100 BURNSVILLE CENTER BURNSVILLE MN YES NO YES NO
101 WOODLAND MALL BOWLING GREEN OH NO NO NO NO
106 MANHATTAN MALL NEW YORK CITY NY YES NO YES NO
108 FOX VALLEY AURORA IL NO NO NO NO
109 LOUIS JOLIET JOLIET IL NO NO NO NO
110 KATY MILLS KATY TX YES YES YES YES
111 OAK HOLLOW MALL HIGH POINT NC NO NO NO NO
116 CONNECTICUT POST MILFORD CT NO NO NO NO
118 THE CITADEL COLORADO SPRINGS CO NO NO NO NO
119 MALL @ THE SOURCE WESTBURY NY YES NO YES NO
120 OSCEOLA SQUARE MALL KISSIMMEE FL NO NO NO NO
121 MIDDLESBORO MALL MIDDLESBORO KY YES NO YES NO
124 SUMMIT PARK MALL NIAGRA FALLS NY NO NO NO NO
127 SPRING HILL MALL WEST DUNDEE IL NO NO NO NO
128 WEST OAKS MALL HOUSTON TX NO NO NO NO
131 PARKS @ ARLINGTON ARLINGTON TX NO NO NO NO
133 CAROUSEL CENTER SYRACUSE NY YES NO YES NO
135 UNIVERSITY MALL TAMPA FL NO NO NO NO
140 UNIVERSITY MALL CARBONDALE IL NO NO NO NO
141 MALL @ TURTLE CREEK JONESBORO AR NO NO NO NO
142 UNIVERSITY CENTRE WILMINGTON NC NO NO NO NO
143 EASTWOOD MALL NILES OH NO NO NO NO
144 FRANKLIN MILLS PHILADELPHIA PA NO NO NO NO
145 AKERS CENTER GASTONIA NC YES NO YES NO
147 GLENWAY CROSSING CINCINNATI OH NO NO NO NO
149 HICKORY HOLLOW MALL NASHVILLE TN NO NO NO NO
150 VALLEY VIEW MALL DALLAS TX YES NO YES NO
153 VALLE VISTA MALL HARLINGEN TX NO NO NO NO
160 MENLO PARK MALL MENLO PARK NJ NO NO NO NO
161 HORTON PLAZA SAN DIEGO CA NO NO NO NO
165 MACOMB MALL ROSEVILLE MI NO NO NO NO
166 GLENBROOK COMMONS FORT WAYNE IN YES NO YES NO
167 GALLERY SHOPPING CENTER GREENVILLE SC NO NO NO NO
171 TANGLEWOOD MALL ROANOKE VA YES YES NO NO
174 SUPERMALL SEATTLE WA YES YES NO NO
176 STRATTFORD SQUARE MALL BLOOMINGDALE IL NO NO NO NO
179 KNOLLWOOD MALL ST. LOUIS PARK MN NO NO NO NO
181 WARD PARKWAY KANSAS CITY MO NO NO NO NO
186 SALMON RUN WATERTOWN NY NO NO NO NO
187 NORTHTOWN MALL SPOKANE WA NO NO NO NO
188 VILLAGE SHOPPING CENTER DAVENPORT IA NO NO NO NO
189 LANSING MALL LANSING MI NO NO NO NO
192 WESTSHORE MALL HOLLAND MI NO NO NO NO
194 DEPTFORD CROSSING DEPTFORD NJ NO NO NO NO
195 WESTFIELD CAPITAL OLYMPIA WA NO NO NO NO
197 SUNRISE MALL MASSAPEQUA NY NO NO NO NO
198 WASHINGTON SQUARE MALL INDIANAPOLIS IN NO NO NO NO
199 CHAPEL HILL MALL AKRON OH NO NO NO NO
202 SUMMIT NORTH WATERFORD MI NO NO NO NO
204 RICHMOND TOWN CENTER CLEVELAND OH YES NO YES NO
205 HENRIETTA JEFFERSON PLAZA ROCHESTER NY YES NO YES NO
207 SARDIS ROAD CHARLOTTE NC NO NO NO NO
208 MILITARY DRIVE SAN ANTONIO TX NO NO NO NO
209 BROADWAY CENTER GARLAND TX NO NO NO NO
210 MCKINLEY SQUARE SOUTH BEND IN NO NO NO NO
211 WILLISTON ROAD TOLDEO OH YES NO YES NO
212 BILTMORE SQUARE ASHEVILLE NC NO NO NO NO
213 FLORENCE PLAZA FLORENCE KY NO NO NO NO
215 EVERGREEN PLAZA MOUNT HOLLY NJ NO NO NO NO
216 FESTIVAL CENTER NORTH CHARLESTON SC NO NO NO NO
218 MALL AT 163RD NORTH MIAMI BEACH FL YES NO YES NO
219 EVERETT MALL EVERETT WA NO NO NO NO
220 NEWTOWN MALL NEW PHILADELPHIA OH YES YES NO NO
221 CHAPMAN FORD CROSSING KNOXVILLE TN YES YES NO NO
222 SUNSHINE SQUARE MEDFORD NY NO NO NO NO
223 BEVERLY CONNECTION LOS ANGELES CA NO NO NO NO
224 COLUMBIA PLACE MALL COLUMBIA SC NO NO NO NO
225 CORUM STATION SPRING TX NO NO NO NO
226 NEW PARK MALL NEWARK CA NO NO NO NO
227 INTEGRITY WAY APPLETON WI NO NO NO NO
228 NORTHPARK MALL JOPLIN MO NO NO NO NO
229 RIVER OAKS CENTER CALUMET IL NO NO NO NO
230 CEDAR CREEK MALL WASSAU WI NO NO NO NO
232 BEAVER VALLEY MALL MONACA PA NO NO NO NO
233 HONEY CREEK MALL TERRE HAUTE IN NO NO NO NO
234 SOUTHRIDGE MALL DES MOINES IA NO NO NO NO
235 BROOKHILL V WESTMINSTER CO NO NO NO NO
236 DEERBROOK MALL HUMBLE TX NO NO NO NO
237 SOUTHLAND MALL HAYWARD CA YES YES NO NO
242 PERIMITER PLACE CHATTANOOGA TN NO NO NO NO
243 SCHUYLKILL MALL FRACKVILLE PA NO NO NO NO
244 VAN WINKLE SHOPPING CENTER MURRAY UT NO NO NO NO
245 THE CANNERY SAN FRANCISCO CA NO NO NO NO
246 VANCOUVER PLAZA VANCOUVER WA NO NO NO NO
247 LAKEVIEW SQUARE MALL BATTLE CREEK MI NO NO NO NO
249 ROCKVALE SQUARE OUTLETS LANCASTER PA NO NO NO NO
250 SHOPPES AT THE VILLAGE GREEN BAY WI YES NO YES NO
251 CROMWELL FIELD GLEN GLEN BURNIE MD NO NO NO NO
253 WASHINGTON PARK PLAZA DAYTON OH NO NO NO NO
254 VALLEY FORGE SHOPPING CENTER KING OF PRUSSIA PA NO NO NO NO
255 WESTFIELD SARASOTA SQUARE SARASOTA FL NO NO NO NO
257 HALTOM COMMONS HALTOM CITY TX NO NO NO NO
258 BURBANK TOWN CENTER BURBANK CA NO NO NO NO
260 PUENTE HILLS MALL CITY OF INDUSTRY CA NO NO NO NO
261 CITY PLACE MALL SILVER SPRING MD NO NO NO NO
262 MACON MALL MACON GA YES YES NO NO
264 BARRY TOWN CENTER KANSAS CITY MO NO NO NO NO
267 ST. LAWRENCE CENTRE MASSENA NY NO NO NO NO
269 IRVING MALL IRVING TX NO NO NO NO
270 DISCOVER MILLS LAWRENCEVILLE GA NO NO NO NO
271 DUNNING FARMS SHOPPING CENTER MIDDLETOWN NY NO NO NO NO
272 EASTRIDGE MALL SAN JOSE CA YES NO YES NO
273 PROMENADE AT BELDEN CANTON OH NO NO NO NO
274 BRENTWOOD SQUARE LA VISTA NE YES YES NO NO
276 CROSS COUNTRY PLAZA COLUMBUS GA YES NO YES YES
277 KARCHER MALL NAMPA ID NO NO NO NO
278 AGAWAM PLAZA AGAWAM MA NO NO NO NO
279 UPPER VALLEY MALL SPRINGFIELD OH NO NO NO NO
283 DSW PLAZA LAKE GROVE NY YES NO YES NO
286 1004 EAST SOUTHMORE PASADENA TX NO NO NO NO
288 WEST SHORE PLAZA STATEN ISLAND NY NO NO NO NO
289 WAIKELE CENTER WAIPAHU HI NO NO NO NO
290 LOMA VISTA SHOPPING CENTER LAS VEGAS NV YES YES NO NO
291 EAST END CENTRE WILKES-BARRE PA NO NO NO NO
292 HORIZON OUTLET CENTER KIMBALL TOWNSHIP MI YES NO YES NO
294 AVIATION MALL QUEENSBURY NY NO NO NO NO
295 LIBERTY TREE MALL DANVERS MA NO NO NO NO
297 COURTLAND TOWN CENTER BURTON MI YES NO YES NO
298 MARKETPLACE MALL WINSTON-SALEM NC NO NO NO NO
299 REGENCY MALL RACINE WI NO NO NO NO
302 GREENWOOD MALL BOWLING GREEN KY NO NO NO NO
304 NORWIN HILLS IRWIN PA NO NO NO NO
305 GREAT MALL OF THE BAY AREA MILPITAS CA YES NO YES NO
307 WEST GATES SHOPPING CENTER ROCHESTER NY YES YES NO NO
308 DAYTONA PROMENADE DAYTONA BEACH FL NO NO NO NO
8-28-2008 @ 8:28AM
prestidigitation said...
list was so nice I posted it twice! My bad.
8-28-2008 @ 2:48PM
Brian said...
I am a reporter with a newspaper in one of the towns where the store was listed as being closed. Someone who has the list please e-mail it to me at bblackwell@semissourian.com
8-28-2008 @ 6:18PM
Because I Can said...
Anyone not have any music/video? There is nothing from ours. Didn't even come on this morning. We know the system works, we hooked a DVD player straight in and that plays fine. Looks like they shut ours off. We are on the "Go Forward" list....
8-28-2008 @ 6:41PM
Cg187 said...
Just curious, on the list what do all of the yes and no's pertain to following the store names?
8-28-2008 @ 7:10PM
donewiththem said...
Our store's closing, got called back to work to help box up stuff after being off for over a couple months. I was only getting 4 hours a week and my shift had been changed to nights so I got a different job. I have real mixed feelings about helping out, but I liked our store director and feel bad for him so am going to do it. Good luck to all of you who will be out of a job, better things will be waiting for you, try to keep positive.
8-29-2008 @ 12:22AM
NOT Going Forward... said...
They don't waste any time with the Liquidation. We found out Wednesday, got the signs Thursday, and begin liquidation Friday. BTW-the yes and no's on the other post mean whether the store has positions open for managers. First yes/no is for director positions and the remaining yes/no's are for manager positions. It sucks that there are less than 100 spots open for 200-300 managers. Good Luck to all.
8-29-2008 @ 12:41AM
Geez, Honey....Wax much? said...
What a difference it has made to finally have the cloud of uncertainty about store closing relieved. Our store was lucky, but was very close to being shut down, I'm sure. Despite years of service and some pretty tough times, this one almost did me in. I had concluded that I was suffering Stockholm Syndrome and had better get out with what was left of my sanity. I dreaded every phone call and email, certain the end was near. It was becoming impossible to stay focused. And a day seemed to drag on for a week leaving me depressed and exhausted. But today.......I looked up and 10 hours were gone! And for the first time, when a customer called and asked when our store was closing, I was able to tell them we were not. What a difference that made!
But for all the positive impact the news has had on our store, my heart goes out to those dealing with the worst possible outcome through no fault of your own. You are in our thoughts. For those of you with the amazing strength of character to stay through the end, I commend you. I know I could never have endured it. And for those of you that have moved on, I wish you the best. Here's hoping you find higher paying positions and become even wiser and better managers from your S&B experience.
And for those in upper management who's wreckless decisions have caused such anguish and financial devestation to many, I'm glad I don't have your karma. Here's hoping you take this rare second chance to clean it up.
Those of us lucky enough to have recently dodged the bullet are really hoping our remaining leadership is not just reloading the gun.
8-29-2008 @ 3:14AM
OhMyDeer said...
so on that list of stores all of those stores are staying open? is that correct? i work at one of the stores thats on the list, woohoo
8-29-2008 @ 7:26AM
Bigger than Big said...
Good luck to all untill the next time Steve and Barry run us into the ground. Hey,,, I got a great idea,,, how about hiring idiots from Yale this year maybe they can do better than idiots from harvard.
I hope Bay Harbour treats the hourly employees better than S&B did.
Maybe give us a bonus, the people who do the work and let the DM's and RM's get 20 hours a check for a while.
I know its a hard job to work from home and send in e-mails and call stores between holes on the golf course....
8-29-2008 @ 1:57PM
chapter eleVen said...
whats with the yes no no yes'es at the end of the names?
8-29-2008 @ 8:41PM
SHUT DOWN!! said...
twenty bucks say they go into full liquidation before christmas... They've got some of the biggest players in store liquidation involved as you speculate. It is impossible for them to come out of this. They have no licenses.. MARBURY sewed them! So the go-forward stores can sell the bitten junk which is crashing and buring and the venus crap which has done poorly since launch... and lets think, wonderwall? more like wonder who the hell laird hamilton is. Bubba Golf? Sounds like a toothless redneck golf line for fat guys... They lost their foundation liceses.. no more division 1 college shirts.. from now on all u can buy is Sothern Texas Penal Academy T-shirts and Kalamazu Tech... maybe they'll keep the food tshirts... This is IF they can find vendors dumb enough to do business with these idiots (and by idiots I mean pretty much every executive at S&B, who I might remind you still has a job and you and I dont). These idiots' mistakes cost us OUR jobs and not THEIR own. Not a single apology has gone out to me or my team. Steve and his butt-buddy Barry addressed us as a company once.. but I don't think it was them who ran us into the ground... mostly I blame Eric Hughes... and his umm education? Shame Harvard didn't teach you anything about business... From T-shirt purcasing to store closings.. boy you had a budding career... and to top it all off... you don't have the decency to resign...I bet you we could have come up with 30m if we would have fired all the executives, promoted within the ranks at half their inflated salaries.
8-29-2008 @ 9:17PM
Enough Already said...
Do you really think that EH had enough power to do this to the company? You have got to be kidding me. If he really did then the company would be called EH not Steve and Barry's. Do you think that EH created and approved the list of locations to be leased? There were five gentlemen that are Senior Execs. They all share the blame. Should they resign? Unfortunately it's not up to us to decide. That will be up to Bay Harbour to make that decision. The Execs are going to have to figure out what they are going to do with the loss of the good licenses and vendors to work with. It's all karma. So, um before you um decide to pass judgement, make sure that you don't sound so um ignorant.
By the way, my store is closing. I am not happy about it but I am not going to point blame at people when I don't know the whole story, you should do the same.
8-30-2008 @ 11:26AM
Larry said...
Andy and Gary will throw the POWERLESS Steve and Barry under the bus. I hear the top four are fighting and CS no longer talks to his brother SS.
8-30-2008 @ 12:16PM
Closing a Dynasty said...
Hey "enough already", enough already! These people eliminated a good job for you, caused you and your family undue stress, and are forcing you to start over someplace else at the bottom of someone else's ladder. Don't let them off the hook.
While you are correct, EH didn't have much to do with the final (or any )decision, he is clearly unfit and underqualified for his job. The role of a Director of stores is to engage and energize the field management, from RM's to keyholders, inform, motivate, and lead them to make the company successful. Give me one example-just one- where he has personified any of those things.
Because of his monotone, his lack of public speaking prowess, and his tone of voice (have you heard the way he chuckles when these distressed managers are trying to ask a question?), he simply is not looked to as a leader. His conference calls are a joke ( we counted 427 "umm"'s in 15 minutes-no exaggeration), he has no reputation as a leader among the experienced field management-we basically put up with him.
When your favorite baseball team is doing poorly, do they fire the players? No. Do they fire the owners? No. They fire the manager. And on this team, the manager is EH. The New SNB needs a new voice as a leader in the field. Someone from outside, someone hired by the new owners. Someone with experience and proven ability as a leader of many.
My store is closing as well, but I love working here, and I care about the future of this company because I think we bring something new and needed by the American working family. I see it every day. We must live on, and if I were a manager or director going forward in this company, I would need to see a change at the top to make me believe we're actually trying to move forward, not just buying time.