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Bay Harbour Purchases Steve & Barry's
August 22, 2008
BHY S&B Holdings LLC, a newly created affiliate of investment company Bay Harbour Management, has won the bid to buy discount retailer Steve & Barry's. The $168 million purchase agreement calls for a majority of the 276-store chain to remain in operation. BHY S&B also purchased the rights to sell Steve & Barry's exclusive collections endorsed by celebrities, including Sarah Jessica Parker, Amanda Bynes, Ben Wallace, Venus Williams and Bubba Watson. The affiliate also purchased the company's Port Washington, N.Y.-based headquarters, its Columbus, Ohio-based distribution center and certain international offices. The acquisition is anticipated to be finaled Aug. 25.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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