US: Steve & Barry's sold

Investment firm buys US apparel chain for $163 million.
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Having filed for Chapter 11 last month (click here for story), US apparel chain Steve & Barry's has agreed to be bought by a unit of investment firm Bay Harbour Management for $163 million.

According to a report on Reuters, the 276-store chain filed a 'stalking horse' agreement with the bankruptcy court, an initial bid solicited strategically by Steve & Barry's to prevent low-ball offers.

Bay Harbour is planning to operate the apparel chain has an ongoing concern and will acquire certain store leases, all of its merchandise from stores it plans to purchase, plus all IP rights including its celebrity and brand licences.

Reuters added that the offer will be subject to higher and better proposals during an auction process due this month.

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