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Old Jul 3rd, 2008, 05:23 PM   #1
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Steve & Barry's [owners of EleVen] face bankruptcy

Steve & Barry's facing bankruptcy

Commentary: Once red-hot retailer becomes cautionary tale

By MarketWatch




NEW YORK (MarketWatch) -- How quickly retail fortunes turn.


Not too long ago, Steve & Barry's LLC was lauded as a model of apparel retailing. The chain, based in Port Washington, N.Y., started out as a scrappy retailer selling college-themed apparel with not much to make it stand out.
Fast forward a few years and it had hit on a winning formula: selling celebrity designed and endorsed clothing and accessories, at dirt-cheap prices, with many items selling for less than $10.
Steve & Barry's attracted attention when it rolled out Starbury, a line of $14 basketball sneakers in association with National Basketball Association star Stephon Marbury of the New York Knicks, and perhaps its biggest coup was cutting a deal with actress and fashion icon Sarah Jessica Parker. Parker's line, Bitten, received loads of publicity and raised Steve & Barry's profile with the fashionista set.
The retailer's other celebrity partners include tennis star Venus Williams, surfer Laird Hamilton and actress Amanda Bynes. It was marketing genius, cheap "designer" clothes at a time when the economy was sputtering. They plugged into the fast-fashion trend and were more accessible than H&M, sassier than Zara.
Now, Steve & Barry's -- which has more than 200 stores -- is having trouble paying the bills and is considering bankruptcy and liquidation, The Wall Street Journal reported.
One problem was that most of its earnings came in the form of one-time payments from landlords, often for $2 million to $3 million, each time it opened a Steve & Barry's store, the Journal reported, and there was little profit from ongoing operations. New stores were unable to keep up the opening momentum.
The company could be looking at a bankruptcy as early as this week, the report said, and is trying to line up about $40 million in debtor-in-possession financing if it must file for bankruptcy protection. It has also reached out to Wal-Mart Stores Inc.but the response has not been positive.
Even though Steve & Barry's has seen some success, times have changed drastically from even 18 months ago, and retailers and investors are much more cautious about the types of business risk they will take on.
The retailer surely has its own particular problems and its decline cannot be blamed purely on the economy's gyrations, but Steve & Barry's fall from success story to cautionary tale illustrates the unforgiving nature of the retail industry right now.

-- Angela Moore, U.S. commentary editor
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Old Jul 3rd, 2008, 05:30 PM   #2
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Quote:
Originally Posted by beecharmer View Post
Steve & Barry's facing bankruptcy

Commentary: Once red-hot retailer becomes cautionary tale

By MarketWatch




NEW YORK (MarketWatch) -- How quickly retail fortunes turn.


Not too long ago, Steve & Barry's LLC was lauded as a model of apparel retailing. The chain, based in Port Washington, N.Y., started out as a scrappy retailer selling college-themed apparel with not much to make it stand out.
Fast forward a few years and it had hit on a winning formula: selling celebrity designed and endorsed clothing and accessories, at dirt-cheap prices, with many items selling for less than $10.
Steve & Barry's attracted attention when it rolled out Starbury, a line of $14 basketball sneakers in association with National Basketball Association star Stephon Marbury of the New York Knicks, and perhaps its biggest coup was cutting a deal with actress and fashion icon Sarah Jessica Parker. Parker's line, Bitten, received loads of publicity and raised Steve & Barry's profile with the fashionista set.
The retailer's other celebrity partners include tennis star Venus Williams, surfer Laird Hamilton and actress Amanda Bynes. It was marketing genius, cheap "designer" clothes at a time when the economy was sputtering. They plugged into the fast-fashion trend and were more accessible than H&M, sassier than Zara.
Now, Steve & Barry's -- which has more than 200 stores -- is having trouble paying the bills and is considering bankruptcy and liquidation, The Wall Street Journal reported.
One problem was that most of its earnings came in the form of one-time payments from landlords, often for $2 million to $3 million, each time it opened a Steve & Barry's store, the Journal reported, and there was little profit from ongoing operations. New stores were unable to keep up the opening momentum.
The company could be looking at a bankruptcy as early as this week, the report said, and is trying to line up about $40 million in debtor-in-possession financing if it must file for bankruptcy protection. It has also reached out to Wal-Mart Stores Inc.but the response has not been positive.
Even though Steve & Barry's has seen some success, times have changed drastically from even 18 months ago, and retailers and investors are much more cautious about the types of business risk they will take on.
The retailer surely has its own particular problems and its decline cannot be blamed purely on the economy's gyrations, but Steve & Barry's fall from success story to cautionary tale illustrates the unforgiving nature of the retail industry right now.

-- Angela Moore, U.S. commentary editor
1. You're two days late.
2. Steve & Barry's doesn't own EleVen, Venus Williams does. Steve & Barry's is the exclusive retailer of EleVen.
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Old Jul 3rd, 2008, 05:32 PM   #3
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

So what does this mean for Venus and Eleven?
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Old Jul 3rd, 2008, 05:33 PM   #4
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Quote:
Originally Posted by darrinbaker00 View Post
1. You're two days late.
2. Steve & Barry's doesn't own EleVen, Venus Williams does. Steve & Barry's is the exclusive retailer of EleVen.
Doesn't matter question answered
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Old Jul 3rd, 2008, 05:52 PM   #5
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

They opened too many stores in such a short amount of time it was bound to go bankrupt. That said I loved there selections though those starbury shoes are to die from.
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Old Jul 4th, 2008, 11:31 AM   #6
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

IDIOT...they don't own EleVen they carry the line... BIG DIFFERENCE. Vee can find another carrier/buyer if need be.
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Old Jul 4th, 2008, 12:08 PM   #7
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Quote:
Originally Posted by Foot_Fault View Post
IDIOT...they don't own EleVen they carry the line... BIG DIFFERENCE. Vee can find another carrier/buyer if need be.
That's interesting. This is from the website - "EleVen is a collection of women ’s athletic and lifestyle clothing and sneakers that Venus created with Steve & Barry’s®". That implies she no more owns EleVen as Britney Spears owns the fragrances she puts her name to.
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Old Jul 4th, 2008, 12:51 PM   #8
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Steve & Barry's = Bankrupt (my condolences)

Venus Williams = Wealthy (end of story)
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Old Jul 4th, 2008, 12:59 PM   #9
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Oh then I didn't get things right. I thought EleVen was Venus's creation and if Steve and Barry are bankrupt, then Venus can look elsewhere and move on.
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Old Jul 4th, 2008, 01:15 PM   #10
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Do people really need to get all testy and call each other idiots over this?
kinda sad..
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Old Jul 4th, 2008, 01:47 PM   #11
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Venus owns Eleven, and its just being carried by S&B, the article is inaccurate.
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Old Jul 12th, 2008, 04:13 PM   #12
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

STAR LINES DODGING STEVE & BARRY HIT


By JAMES COVERT

Last updated: 1:08 pm
July 10, 2008
Posted: 3:23 am
July 10, 2008

Steve & Barry's bankruptcy filing yesterday didn't take a bite out of Sarah Jessica Parker, whose apparel brand Bitten has been paid its royalties in full, a source told The Post.

Nevertheless, the "Sex and the City" star, who licensed her low-priced clothing line to the flamed-out retailer last year, is negotiating to possibly move it to other retailers including Sears Holdings, sources said. Alternatively, some have speculated that Steve & Barry's could be sold outright to Sears or another buyer.

The Sears and Kmart chains, owned by billionaire hedge fund magnate Eddie Lampert, are looking to spruce up their notoriously dowdy apparel offerings - most recently with a proprietary line at Sears from rapper L.L. Cool J.

Port Washington, LI-based Steve & Barry's said it was forced into Chapter 11 by turmoil in the credit markets and a swooning economy, which overwhelmed the razor-thin margins on swaths of items it sold for under $10.

Still, the company's comparable sales were up a healthy 15 percent during the first five months of the year, with its celebrity lines performing particularly well.

In addition to Sarah Jessica Parker's line, Steve & Barry's has licensed Starbury athletic sneakers from NBA player Stephon Marbury, and the Eleven clothing line by tennis pro Venus Williams. Those celebrities also have been paid full royalties on recent robust sales, sources said.

In turn, the stars "continue to express an incredible level of support as we work through this difficult time," Steve & Barry's marketing chief Howard Schacter said.

It's typical for licensed brands to negotiate a move when a retailer goes bankrupt, said Michael Appel of Quest Turnaround Advisors. "The issue is, is Steve & Barry's going to be sold, restructured or liquidated?" Appel said.
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Old Jul 12th, 2008, 04:19 PM   #13
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

Quote:
Originally Posted by Venus+Serena#1fan View Post
Do people really need to get all testy and call each other idiots over this?
kinda sad..
I agree
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Old Jul 12th, 2008, 05:37 PM   #14
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

OMG what a disaster for poor Vee! Still, its nothing to do with her line obviously, so a new buyer wont be hard

I dont understand what caused the bankruptcy ??
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Old Jul 12th, 2008, 05:47 PM   #15
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Re: Steve & Barry's [owners of EleVen] face bankruptcy

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Originally Posted by serenus_2k8 View Post
OMG what a disaster for poor Vee! Still, its nothing to do with her line obviously, so a new buyer wont be hard

I dont understand what caused the bankruptcy ??
Why is it a diasaster? She's been paid her full royalities--- If the company goes completely under she just has to shop around for another who is willing to carry her affordable line
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