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Steve & Barry's files 'Stalking Horse' agreement


PORT WASHINGTON, N.Y. Steve & Barry’s announced that it has filed with the U.S. Bankruptcy Court for the Southern District of New York a "stalking horse" Asset Purchase Agreement with BH S&B Holding LLC, a newly-formed subsidiary of investment firm Bay Harbour Management.

Under the terms of the agreement, BH S&B Holdings would acquire certain company assets for $163 million. Subject to acceptable negotiation of lease terms prior to the final auction date, BH S&B Holdings’ expressed intent is to continue to operate the chain of Steve & Barry’s retail stores as a going concern, with current staff and key facilities, including the company’s New York headquarters, Columbus, Ohio distribution center and certain overseas offices.

The assets to be acquired include certain Steve & Barry’s store leases; all Steve & Barry’s merchandise, with the exclusion of any product located at stores not purchased by BH S&B Holdings; and all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses. Further due diligence will determine which Steve & Barry’s renegotiated store leases BH S&B Holdings would acquire should the Asset Purchase Agreement be approved by the Court.

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