Chain Clothing Store Steve & Barry 'S Is About To File For Bankruptcy.

Media outlets reported on Wednesday that it is expected that the Steve & Barry s, a chain store that promotes cheap fashion, will be submitted to bankruptcy protection today.

S&B sells products including celebrities such as Sarah Jessica Parke (Sarah Jessica Parker).

The Wall Street journal points out that S&B, a closed shareholding company based in Port Washington, New York, has been unable to raise emergency funds in the past few weeks, and the company may sell all its assets, according to insiders.

The newspaper also said that S&B has been negotiating with Sears (SHLD), hoping to sell the whole or part of the company to the other side.

By the time of press release, MarketWatch had not yet contacted S&B spokesperson and could not get S&B's evaluation of the above reports.

According to the Wall Street journal, S&B's bankruptcy filing is another blow to property owners who have been depressed by the economic downturn, after which they spent hundreds of millions of dollars to attract the chain store to use about 100 thousand square feet of stores left.

The famous financial daily pointed out that the 275 stores of Steve & Barry 's will close at least a large part even if they are not completely closed, which may affect the employment of 17 thousand people.

The newspaper did not disclose where the above information was obtained.

As S&B is expected to file for bankruptcy, some suppliers have stopped supplying S&B.

According to a report by New York Times, S&B has found itself in financial difficulty, according to information provided by insiders. It has been unable to repay the loan provided by the General Electric (GE) commercial credit department in March this year, and the company can not obtain other financing.

The newspaper also said that S&B had been hit by the following management strategy: the sale of goods with low profit margins and the opening of stores at the disadvantageous locations where the landlords provide special settlement fees, and this strategy has been difficult to sustain as economic growth has slowed down.

S&B announced that its sales in the past fiscal year were about $1 billion 100 million, and its store sales increased by 20% over the past year.

S&B was founded by childhood friend Steve Shore and Barry Barry (Barry Prevor).

They sold silk printed T-shirts with a price tag of only $1 in flea markets around Long Island and New Jersey, and sprouted a business idea of starting a low price clothing chain.

In 1985, they started their first S&B store and sold their licensed University clothes at Pennsylvania University.

The success of this store helped them expand their stores to other universities in the United States. In the late 1990s, they opened the first commercial store near Detroit.

In addition to selling licensed clothing such as licensed university clothing and Hershey, the retailer began to sell a series of clothing related to celebrities and gradually gained its own prosperity.

In 2006, it entered into a partnership with NBA Stephon Stephen Marbury and began selling a series of clothing and footwear related to Marbury, including the Starbury II basketball shoes priced at US $8.98, while Marbury wore the shoes in the NBA arena for the battle of.

Last year, the launch of Sarah - Jessica Parke's Bitten series T-shirts and clothing made S&B a great success.

The star who traded with S&B also had tennis player Venus Williams (Venus Williams) and NBA star Ben Wallace (Ben Wallace).

S&B claims on its website that clothing and related products are priced at no more than $8.98.

It also points out that companies have the ability to sell goods at such a low price because they have taken cost cutting measures, including word of mouth marketing rather than traditional advertising, purchasing non-traditional raw materials in the world.