NEW YORK — Steve & Barry stores and their parent company have abandoned plans to keep stores open during bankruptcy protection and will liquidate them over the next few months, according to a bankruptcy-court filing. The retailer has five stores in Colorado, including Colorado Springs, Littleton, Longmont, Pueblo and Westminster.
The retailer had filed for Chapter 11 bankruptcy protection in July after its growth plans were hurt as consumers cut back on spending. The investment firms that bought Steve & Barry in August said they planned to close some stores and keep operating with a smaller base.
But the retailer and its owner, affiliates of Bay Harbour Management and York Capital Management, said in the filing Wednesday that they have joined with liquidator Great American Group LLC to liquidate all inventory in remaining stores by the end of this year or early next year.
“For various reasons, including the general health of the American economy and the state of the retail market in particular, sales at all stores have been disappointing,” the documents filed with the Bankruptcy Court in the Southern District of New York stated.
