Low-Priced Clothing Seller Files For Bankruptcy

By: Associated Press
By: Associated Press

NEW YORK (AP) - Retailer Steve & Barry's has filed for
bankruptcy. The seller of low-priced clothing is the latest
retailer to fall victim to the slowdown in consumer spending.
Steve and Barry's says it is considering a plan to sell assets
to pay debt.
The chain based in Port Washington, New York operates 276
locations in 39 states.
Company officials cite a cash crunch linked to tight credit
markets and general sluggish economic conditions. That hurt plans
to open stores and its ability to borrow money. The chain has sold
clothing under licensing agreements with celebrities including
Sarah Jessica Parker.

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