What's with Steve & Barry's and why should we care?

I commented on the previous post, warning consumers to spend their gift cards. I've been following the bk on savvywallet and I think the reason was they expanded too quick and too soon. It was such a crazy time for retailers. New houses were popping up, retailers had to meet the demands, and then, everything went down hill. Times are tough, and it's a lesson we're all learning. Hopefully they will survive. Then again, I'm not a fan of their store, so it doesn't bother me really. If REI was to go under, I'd would probably die.

The reason why the blogs responding to the article by Mr. Bisonnette is so popular and has more posts than most is because the authors of these posts, including myself, are either current or former employees that feel very strong for the company. Positive or negative, we finally have a forum to be able to truly communicate with our fellow SNB'ers without the meddling of the New York Office(NYO). Steve and Barry's is a unique company where, while the pay isn't as competitive as many established companies, there are managers that will still hang on and work to improve the company. People should continue to read on the other posts, it's not just for good reading.

I agree completely with "Enough Already", and thanks to Mr. Bissonette for allowing us a forum to communicate with each other the rumors and opinions we have or have heard. There simply is no information coming from the leadership of this company, and what little information we have received has been in the form of vague statements and outright lies from the mouthpiece of the NYO, the Director of Stores, a person who himself is completely unqualified to be running the field operations of a retailer this size. While it may surprise some, the passion and justified bitterness harbored by those in the field comes from the fact that a.) we found out about this through the WSJ; b.) since then we've realized the leaders of this company have been engaged in deceptive business practices at least since January if not before, ( inventorying the hangers as part of the merchandise inventory to perhaps inflate the worth of the company's assets to borrow money they had no intention of repaying?) full well knowing the end was inevitably near. And thousands of good, hardworking people have been living on the edge since, not to mention the 400 or so that have been pushed off.

This company was doing something right for the American public. We gave them clothing and a chance to outfit themselves in apparel they otherwise may not have been able to afford. So it turns out we were doing it at a loss, but instead of slowing down and catching our breath, we continued to step on the gas until we hit that brick wall. I don't blame the banks for not wishing to contribute to this mess any further, and I for one will be waiting to see if Steve, Barry, GS, AT, or whomever else was knowingly deceiving creditors and investors will be held accountable for their actions. My guess is probably not. That's the American dream. Steve and Barry started a business out of their trunk, and now they're multi millionaires. But late at night, you have to wonder if in the end it was all worth it.