March 1, 2016 – Oak Point Partners acquired the remnant assets of the BH S&B Holdings, LLC (Steve & Barry’s) bankruptcy estate in March 2016. On November 19, 2008, Steve & Barry’s filed a Chapter 11 voluntary petition for relief in the United States Bankruptcy Court for the Southern District of New York, assigned Case No. 08-14604. Thereafter, the case was converted to Chapter 7 and a trustee was charged with winding down the estate for the benefit of creditors.
About BH S&B Holdings, LLC (Steve & Barry’s)
Founded in 1985 by two students at the University of Pennsylvania, Steve & Barry’s operated a chain of discount clothing stores. The company’s business model of “Extreme Value Retailing” included no advertising, manufacturing its own clothes, and selling in large volume. The company solely relied on word of mouth and viral marketing. The company had multiple celebrity endorsers, such as Sarah Jessica Parker and Stephon Marbury. At its peak, the company operated 276 stores in 39 states.
The former headquarters of Steve & Barry’s was located in Port Washington, NY.
Related Entity: Steve and Barry’s University Sportswear