Low-priced fashion retailer Steve & Barry's has filed for Chapter 11 bankruptcy protection in New York.
The company - and 63 affiliates - sought protection with the US bankruptcy court in Manhattan, citing tight credit markets, higher costs and a pull back in customer spending that left it unable to pay its debts.
Steve & Barry's has 276 retail outlets and is known for selling inexpensive clothes and lines designed by such celebrities as Sarah Jessica Parker amongst others.
Founders Steve Shore and Barry Prevor said in a statement: "The generally poor environment for apparel retailers has reduced funding to our suppliers, landlords and to our company. It has become increasingly difficult for us to continue operating normally under these circumstances."
According to a report on Reuters this morning, the company may now put itself up for sale.