Sunday, July 13, 2008

Problems at Steve and Barrys

A reader (thanks Ed) reminded me of the financial difficulties that REALLY discounted clothing chain Steve and Barry's is having. Rudi Keller, business reporter for the SE Misourian, was unable to get any info as to the status of the S&B in Cape Girardeau. This Wall Street Journal article says the company plans to close about a hundred stores and is looking to raise about $40 million is emergency financing to get through the holiday season. This AP article indicates the firm is working with a bankruptcy adviser to negotiate with lenders and evaluate strategies.

If the Carbondale S&B closes, that leaves another huge hole in the mall, since nothing has replaced K's Merchandise yet. I wonder what, if any, incentives S&B got from the city. Anyone know or do I need to contact the city?

Edited to correct my error confusing K's Merchandise and Service Merchandise.

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Comments:
S&B did not receive any incentives from the City. Any incentives would have been through University Mall or Stoltz.

Service Merchandise was never in Carbondale. K's Merchandise was and has not been replaced at the mall
 
I work for a company that manages and tracks gift cards, and I've been following retailers filing for bankruptcy on savvywallet.com. My advice? Go spend your gift cards, you may not know how long they will be accepting them. Don't forget The Sharper Image incident: $75m in unused gift cards.
 
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