Steve & Barry’s Acquisition Approved
Steve & Barry’s LLC, the discount apparel retailer that distributes Laird Hamilton’s Wonderwall clothing line, announced that BHY S&B Holdings LLC, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management, has received bankruptcy court approval to acquire substantially all assets of Steve & Barry’s. The acquisition is scheduled to be completed Monday, August 25th.
Under the terms of the $163 million purchase agreement, the majority of Steve & Barry’s 276 stores will continue to serve customers nationwide, offering exclusive collections created with entertainers and athletes including Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton, Ben Wallace and Bubba Watson, all of whom maintain a licensing relationship with Steve & Barry’s. BHY S&B Holdings has made no decisions concerning which Steve & Barry’s stores will close or when, although an announcement is anticipated in the next week.
In addition to acquiring merchandise inventories and transfer rights to Steve & Barry’s store leases, BHY S&B Holdings will acquire all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses, and the company’s key facilities, including its Port Washington, New York headquarters, Columbus, Ohio distribution center, and certain overseas offices.
Bay Harbour Management is an SEC registered investment advisor with significant experience in purchasing distressed companies and effectuating their turnaround. The firm’s holdings have included the retailer Barneys New York, the facilities based CLEC Telcove, and the former Aladdin Casino, now operating on the Las Vegas strip as the Planet Hollywood Resort and Casino following its rebranding and turnaround.
York Capital Management is an SEC registered investment advisor with offices in New York, London, and Hong Kong with more than $15 billion in assets under management. York Capital was founded in 1991 and specializes in value oriented and event driven equity and credit investments.
Press Release
- August 26 2008 | 206 views
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