Steve & Barry’s has thrown in the towel. The company will close all 173 of its remaining stores and liquidate about $250 million of merchandise. The company filed for Chapter 11 bankruptcy protection in July, 2008 hoping to reorganize its operations and stay in business. But just like with Linens ‘N Things, things did not work out as planned as the current economic downturn takes its toll on retailers. The company announced last week that it plans to liquidate the remaining stores by early 2009.
According to this story from Reuters, the bankruptcy judge has approved the company’s request to continue to redeem gift cards during the liquidation. So, if you have a Steve & Barry’s gift card, NOW is the time to use it or lose it.