Report: Steve & Barry’s to Close

NEW YORK — Steve & Barry’s LLC is expected to announce this week that it will go out of business, according to a press report Tuesday.

The Wall Street Journal reported that the 175-store chain, which was acquired out of bankruptcy earlier this year for $168 million by private equity firm Bay Harbour Management LC, has hired a liquidation firm to set going-out-business sales. The move would affect 5,000 employees.

Citing a person familiar with the Steve & Barry’s situation, the Journal said recently hired CEO Harold Kahn, a former Macy’s executive, is no longer with the company.

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