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Thursday
August 21, 2008
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N.Y. Investment Firm To Buy Steve & Barry's Assets

Shore (l) And Prevor To Sit On Steve & Barry's
BOD After Investment Firm Acquires Its Assets
N.Y.-based investment firm Bay Harbour Management (BHM) LLC "plans to purchase out of bankruptcy the assets of Steve & Barry's for $168[M]," according to Lattman & McCracken of the WALL STREET JOURNAL. BHM Managing Principal Douglas Teitlebaum said that the firm "plans to keep open about 150 of the chain's 276 stores." The deal is "subject to bankruptcy-court approval." Steve and Barry’s co-Founders Steven Shore and Barry Prevor "will invest alongside Bay Harbour and sit on the company's board." Teitlebaum said that the "purchase was contingent upon negotiating favorable terms from key landlords." Actress and Steve & Barry's endorser Sarah Jessica Parker "expressed support for the company and has indicated she will continue to sell her Bitten clothing through" the retailer. However, Knicks G and fellow endorser Stephon Marbury was "less supportive" and has "filed a lawsuit against the company." Marbury said that he is "owed more than $2[M] in unpaid royalties" (WALL STREET JOURNAL, 8/21). In N.Y., Jennifer Fermino reported Marbury is "claiming in court papers the broke bargain retailer stiffed him for millions of dollars in royalties from his popular sneaker line." Marbury also "accused the company of screwing up their trademark agreement by registering several items in their name instead of his." Marbury, in a motion,"alleges that they need to fork over 'at least $2,193,256.56' in royalties for the past year" (N.Y. POST, 8/20).

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