News and Events
Execs Analyze the Steve & Barry's Failure
Nothing has generated greater scrutiny of tenant allowances than the failure of retail wunderkind Steve & Barry's.
Oct 28, 2008 Shopping Centers Today Steve McLinden
Nothing has generated greater scrutiny of tenant allowances than the failure of retail wunderkind Steve & Barry's. The Port Washington, N.Y. based discount-apparel seller, a popular space-filling staple in shopping centers for the past decade, is closing roughly 100 of its 276 stores as part of its Chapter 11 restructuring and sale to a New York City investment partnership.
Among the markets most affected are the Chicago metro area, where five of a dozen Steve & Barry's stores are to shut, and northern Ohio, where six will close, according to BH S&B Holdings, the new affiliate of investment firm Bay Harbour Management that assumed control of the company in late August. BH S&B says its store-closing decisions were based largely on renegotiation of leases.