Steve & Barry’s Contemplates Closings
Port Washington, N.Y. Steve & Barry’s University Sportswear may close an estimated 100 stores, roughly 40% of its 245-store portfolio. According to a report posted online by The Wall Street Journal, store closings may be the prelude to bankruptcy and full liquidation.
The struggling retailer is seeking $40 million in emergency funding, the WSJ article reported, and has a tentative agreement for $20 million from private-investment firm Angelo, Gordon & Co. However, an additional $20 million, reportedly enough to carry Steve & Barry’s through the holiday season, has yet to be raised.
According to The Chicago Sun Times, Sears chairman Edward S. Lampert has been approached as a possible investor and the Wall Street Journal cited a number of other potential retail investors including Wal-Mart Stores and Gap, Inc.
Steve & Barry’s aggressive growth strategy has propelled the company from 195 stores and estimated sales of $700 million in 2006 to estimated sales in excess of $1 billion in 2007.
The company’s trademark formula, super-size stores with super-low prices and celebrity-branded partnerships, found favor with landlords looking to fill empty anchor spaces. However, despite its ability to sign lucrative leasing deals, Steve & Barry’s has not been able to achieve profitable operations.
Speculation in the industry is that Steve & Barry’s may survive as a wholesaler, providing private-label merchandise to other retailers.
Survey: Businesses want to go green, but afraid of costs
DELRAY BEACH, Fla. According to a survey of 2,500 business professionals by Office Depot, half of all respondents are interested in making their offices “greener.”
While 50% of those surveyed said they’d like to have a greener office, more than half (55%) said they did not associate going green with saving money.
According to Yalmaz Siddiqui, director of environmental strategy for Office Depot, “There is actually a range of cost scenarios that a business could face when deciding to go green,” he explained. “Some choices, like remanufactured cartridges, cost less; some require an upfront investment but come with long term cost savings, like compact fluorescent lights; some products entail no price difference; and some green ideas do cost more. The trick is to understand the different options and not assume that going green will always result in higher costs.”
Toys ‘R’ Us to be exclusive retailer of ‘Soul Bubbles’ Nintendo DS game
REDWOOD CITY, Calif. Toys “R” Us will be the exclusive retailer of Soul Bubbles, a new game for Nintendo DS created by Eidos Interactive.
“Creative and refreshing, Soul Bubbles is a unique game that DS owners won’t want to miss,” said Robert Lindsey, evp of sales and marketing for Eidos Inc. “This is a charming story combined with gameplay that pushes the capabilities of the Nintendo DS is sure to engage all puzzle gaming fans.”