Steve & Barry’s Agrees to ‘Stalking Horse’ Bid
Port Washington, N.Y. Steve & Barry’s announced late Monday that it has agreed to a $163 million takeover offer by BH S&B Holding LLC, a newly formed subsidiary of Bay Harbour Management, a New York City-based investment firm specializing in turnarounds of distressed companies.
The bid is a “stalking horse” offer, or the first official bid, setting a minimum price for a company’s sale in bankruptcy. It is subject to approval by federal bankruptcy court in Manhattan, where Steve & Barry’s filed last month.
Bay Harbour said that its offer, subject to renegotiation of lease terms, would entail operating Steve & Barry’s stores as a going concern. It also said it would retain current staff and key facilities, including Steve & Barry’s New York headquarters, Columbus, Ohio distribution center, and certain overseas offices. The assets to be acquired include but are not limited to certain Steve & Barry’s store leases; all Steve & Barry’s merchandise, with the exclusion of any product located at stores not purchased by Bay Harbour; and all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses.
Bay Harbour holdings have included the retailer Barney’s New York, Telcove, and the rebranding and turnaround of the former Aladdin Casino in Las Vegas, which is now the Planet Hollywood Resort and Casino.
Steve & Barry’s files ‘Stalking Horse’ agreement
PORT WASHINGTON, N.Y. Steve & Barry’s announced that it has filed with the U.S. Bankruptcy Court for the Southern District of New York a “stalking horse” Asset Purchase Agreement with BH S&B Holding LLC, a newly-formed subsidiary of investment firm Bay Harbour Management.
Under the terms of the agreement, BH S&B Holdings would acquire certain company assets for $163 million. Subject to acceptable negotiation of lease terms prior to the final auction date, BH S&B Holdings’ expressed intent is to continue to operate the chain of Steve & Barry’s retail stores as a going concern, with current staff and key facilities, including the company’s New York headquarters, Columbus, Ohio distribution center and certain overseas offices.
The assets to be acquired include certain Steve & Barry’s store leases; all Steve & Barry’s merchandise, with the exclusion of any product located at stores not purchased by BH S&B Holdings; and all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses. Further due diligence will determine which Steve & Barry’s renegotiated store leases BH S&B Holdings would acquire should the Asset Purchase Agreement be approved by the Court.
Office Depot Foundation, Carl Edwards give backpacks to Miami kids
MIAMI Office Depot, through its Office Depot Foundation, with the help of Carl Edwards, driver of the No. 99 Office Depot Ford in the NASCAR Sprint Cup Series, will donate more than 6,500 backpacks to non-profit organizations and schools in Miami-Dade County on Wednesday, Aug. 6. Through its National Backpack Program, the Office Depot Foundation has provided nearly 1.8 million free backpacks to children since 2001.
Through this year’s National Backpack Program, the Office Depot Foundation is donating 300,000 backpacks to a variety of non-profit organizations and schools across the United States and Canada. The recipients, in turn, provide the backpacks to deserving children whom they serve through their programs or in their classrooms. The Foundation will also host backpack presentation events in Fort Lauderdale, Delray Beach and West Palm Beach on Aug. 6.
“Education is the foundation for success, and I’m really excited to partner with Office Depot and the Office Depot Foundation for another season of backpack donations,” said Edwards, a former substitute teacher, who is sponsored by South Florida-based Office Depot. “Every student deserves to return to school with the tools they need to succeed, and the Office Depot Foundation is doing a great thing to make that happen for so many kids who might not otherwise have the necessary resources.”
Office Depot Foundation president Mary Wong says that making a difference to children is precisely the point of the National Backpack Program. “By placing backpacks containing essential school supplies into the hands of children, we are giving them important tools they need to start school with confidence–and to succeed throughout the year,” she said. “The National Backpack Program is one of the key ways in which we seek to accomplish the Foundation’s mission–Listen Learn Care–and to achieve our strategic priority of helping children get ready for life and work.”