Steve & Barry's filing reveals massiv...

Steve & Barry's filing reveals massive debt load

There are 13 comments on the Newsday story from Jul 10, 2008, titled Steve & Barry's filing reveals massive debt load. In it, Newsday reports that:

By the time Port Washington-based retailer Steve & Barry's filed for Chapter 11 bankruptcy, the company had wracked up more than half a billion dollars in debt and other liabilities, according to court ...

Join the discussion below, or Read more at Newsday.

Patrick

East Hampton, CT

#1 Jul 10, 2008
Your consultant in this article miss one major point regarding his mantra on location, location, location. Steve and Barry walked away with $160 million dollars of Private Equity money.

In the end their model enriched themselves. Low Rent, Low Rent worked for Steve Shore and for Barry P.
dumas

Springfield Gardens, NY

#2 Jul 10, 2008
more jobs losts
cat

Edison, NJ

#3 Jul 11, 2008
Yes, the clothes in S&B's was very inexpensive (cheap)...but the clothes in S&B was cheap-looked cheap, made cheaply..what's the big deal a college sweatshirt for $10? We walked in and walked out-Everything under $7 sign got me in there and got me out as quickly.
Mike in Plainview

Bethpage, NY

#5 Jul 11, 2008
Newsday is always a sucker for a business or a businessman that *appears* to have made it big. S&B is no exception.

Remember when Newsday thought that "leasing business" crook bought the Islanders? Without a shred of an investigation, he was proclaimed as a commercial genius. Same for those morons, Steve and Barry. Those two clowns never ran a business. It was a stupid hobby. Here's my S&B experience:

I appeared at S&B corporate in Roslyn for a job interview as director of MIS in 2001. I never saw a more disgusting office in my life. The building itself was 60-ish modern, but the S&B offices were littered with garments and portions of garments on the floor, paper, litter and garbage all over the place.

The "data center" was actually a few desktop computers sitting on shipping crates with programmers' "cubicles" made of cardboard torn from garment boxes. Even the conference room was littered with garments and shipping crates.

This was also the first time a company failed to provide parking for those who had company business. Therefore I had to park at a meter. While waiting for "Barry" to interview me, I noticed the time and I realized the meter was about to run out. I just ran back to my car. I never bothered to re-feed the meter as I just drove off never taking the interview.

A week later the company sent me a letter thanking me for sharing my work experience with management, etc. LOL!!

It seems to me that Newsday is always a sucker for alleged success stories like that phony in the leasing business that "bought" the Islanders. All Newsday had to do was apply ten minutes of common sense to know something was wrong with the Islanders sale and with S&B.
Esteeben

New York, NY

#6 Jul 11, 2008
I went to a Steve & Barry's for the first time last weekend (@Broadway Mall in Hicksville). After seeing the low prices they offered, my gf and I were amazed they could make any kind of profit of their merchandise.

Sad to see it turns out they didn't/don't!:-(
NYStateOfMind

Ridgewood, NY

#7 Jul 11, 2008
Patrick wrote:
Your consultant in this article miss one major point regarding his mantra on location, location, location. Steve and Barry walked away with $160 million dollars of Private Equity money.
In the end their model enriched themselves. Low Rent, Low Rent worked for Steve Shore and for Barry P.
Where was this reported in the story?...
Pvt Enterprise Sucks

Shoreham, NY

#8 Jul 11, 2008
Hopefully, the 21st century will be the century in which private enterprise is abolished from the face of the earth. It is an irrational economic system that enriches a few at the expense of the many.
NYStateOfMind

Ridgewood, NY

#9 Jul 11, 2008
Pvt Enterprise Sucks wrote:
Hopefully, the 21st century will be the century in which private enterprise is abolished from the face of the earth. It is an irrational economic system that enriches a few at the expense of the many.
Private enterprise for a rent stabalized apartment???...

Time to wake up...
GoTSU

Irving, TX

#10 Jul 12, 2008
cat wrote:
Yes, the clothes in S&B's was very inexpensive (cheap)...but the clothes in S&B was cheap-looked cheap, made cheaply..what's the big deal a college sweatshirt for $10? We walked in and walked out-Everything under $7 sign got me in there and got me out as quickly.
You obviously haven't been into a S&B in while. The clothes are very well made and stylish. Something like an Old Navy or GAP. When I walked in, I too wondered how on earth this company could stay afloat with such low prices. Like the article says, I think no online sales hurt them as well as out-of-the-way locations. It took me awhile to find the Haltom City, TX location, and while inside of the store is nice, the building and the area around it itself looks like a dump.
GoTSU

Irving, TX

#11 Jul 12, 2008
Mike in Plainview wrote:
Newsday is always a sucker for a business or a businessman that *appears* to have made it big. S&B is no exception.
Remember when Newsday thought that "leasing business" crook bought the Islanders? Without a shred of an investigation, he was proclaimed as a commercial genius. Same for those morons, Steve and Barry. Those two clowns never ran a business. It was a stupid hobby. Here's my S&B experience:
I appeared at S&B corporate in Roslyn for a job interview as director of MIS in 2001. I never saw a more disgusting office in my life. The building itself was 60-ish modern, but the S&B offices were littered with garments and portions of garments on the floor, paper, litter and garbage all over the place.
The "data center" was actually a few desktop computers sitting on shipping crates with programmers' "cubicles" made of cardboard torn from garment boxes. Even the conference room was littered with garments and shipping crates.
This was also the first time a company failed to provide parking for those who had company business. Therefore I had to park at a meter. While waiting for "Barry" to interview me, I noticed the time and I realized the meter was about to run out. I just ran back to my car. I never bothered to re-feed the meter as I just drove off never taking the interview.
A week later the company sent me a letter thanking me for sharing my work experience with management, etc. LOL!!
It seems to me that Newsday is always a sucker for alleged success stories like that phony in the leasing business that "bought" the Islanders. All Newsday had to do was apply ten minutes of common sense to know something was wrong with the Islanders sale and with S&B.
Wow, that interview was 7 years ago. Who cares?
Fubar

Columbus, OH

#12 Jul 12, 2008
I can tell you that Steve and Barry's clothes are cheap, not well made, and no where close to a GAP or an Old Navy, believe me I have served time with those bone heads.

Why are they in this situation, because you can't run a retail business by reading a book and you can't support and or build a company's infrastructure by reading an IT white paper. Forget the amount of money they own people and realize that it was the bone headed decisions by the kids that ran the place that created most of this debt.

Think about it they weren't getting the top of the class, if you graduated from Brown with honors, where are you going to be looking for a job, its not Steve and Barry’s
Nick

Brooklyn, NY

#13 Jul 16, 2008
Dont worry about those two guys, they hid plenty of money, there laughing all the way to the bank.
Lou

Brooklyn, NY

#14 Aug 19, 2009
Steve and Barry ran a Ponzi Scheme.

They were never fashion industry people. As clueless as the day is long. Horrible fits, heinous colors, confusing in-store signage, weak sales staff, same product sitting on shelves from year to year, poor garment construction and just plain tacky. I pitied TA Associates the day they invested in them. I pity the people who lost time and wages to these people, not to mention all the resumes soiled by this joke of a company. Steve and Barry will never work in the fashion industry again.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Port Washington Discussions

Title Updated Last By Comments
News Brooklyn woman sues FDNY, MTA over injuries fro... 1 hr HASAUN A LEE 1
Associated Food Store on Tulip Ave. (Jan '15) Jun 26 RoseS 7
Review: iLoveKickboxing - Franklin Square (Jun '15) Jun 24 Prettysmile 25
News New Rochelle Man Sentenced for Stealing Over $6... Jun 23 333stenbrian 1
Review: I Love Kickboxing - Bayside (Dec '13) Jun 22 apogosian 50
News Store owner charged in sale of fake Gibson guit... (Sep '07) Aug '15 Larry Long 47
News police: 3 men threaten 2 others in manorhaven. - (Aug '07) Jun '15 IH8AHS 38

Port Washington Jobs

More from around the web

Personal Finance

Port Washington Mortgages