By Robert Barron, Staff Writer
Steve & Barry’s put up closing signs at its Oakwood Mall store Tuesday, but there is no specific date for shutting the doors for good, according to company officials.
The Enid store is one of more than 100 that will close nationwide. The other Steve & Barry’s in the state at Oklahoma City’s Crossroads Mall will remain open.
The company announced in July it was filing for Chapter 11 bankruptcy protection. In early August, Steve & Barry’s announced it had an agreement to be purchased by BH S&B; Holdings, a newly formed affiliate of investment firms by Bay Harbour Manage-ment and York Capital Management.
BH S&B; Holdings, according to Rachel Brenner, senior manager of public relations for Steve & Barry’s, decided to keep approximately 170 stores, down from 276 before the bankruptcy filing.
Gayle Segura, national marketing manager for J. Herzog & Sons, owner of Oakwood Mall, said J. Herzog has a national leasing department and always is looking for national or local tenants. She said Tuesday afternoon she was not aware of Steve & Bar-ry’s closing. Mall manager Brad Waken is on vacation and could not be reached for comment.
Steve & Barry’s opened De-cember 2005 in Oakwood Mall.
Steve & Barry’s officials blamed liquidity shortfalls as a result of the credit crunch and general sluggish economic conditions for their bankruptcy filings. Those conditions hurt store opening plans and the company’s borrowing capacity.
Under terms of the agreement with BH S&B;, the company would acquire some of Steve & Barry’s assets for $163 million, including certain Steve & Barry’s store leases; all merchandise, except any products at stores not purchased by BH S&B; Holdings; and all of Steve and Barry’s intellectual property rights, including its celebrity and brand licenses.
