News
US: Steve & Barry's deal approved
Samantha Loveday Aug 26 2008, 5:52pm
$163 million acquisition for US retailer completed.
BHY S&B Holdings - a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management - has received court approval to acquire substantially all assets of Steve & Barry's.
Under the terms of the $163 million purchase agreement, the majority of Steve & Barry's 276 stores will continue to operate, offering exclusive collections created with entertainers and athletes including Sarah Jessica Parker, Venus Williams and Laird Hamilton, all of whom maintain a licensing relationship with Steve & Barry's.
BHY S&B Holdings has so far made no decision as to which stores will close or when, although a further announcement is expected later on this week.
As well as acquiring merchandise inventories and transfer rights to Steve & Barry's store leases, BHY S&B Holdings will acquire all IP rights, including celebrity and brand licences, plus the company's key facilities - including the Port Washington, New York headquarters, Columbus, Ohio distribution centre and certain overseas offices.
