Even though Steve & Barry's has deteriorated, it will always remain my favorite store followed by Kohl's at a close second.
All the tennis shoes I own were bought here. The Starbury shoe line is the greatest to date. You can still buy these shoes online (for an unbeatable $14.99).
The Skinny:
Founded by Steven Shore and Barry Prevor at the University of Pennsylvania in 1985, while Prevor was an undergraduate student, Steve & Barry's became a local popular destination due to its low prices compared to other university bookstores and gift stores. The success of the original store led to the opening of locations on several Big Ten campuses.
In 1998, Steve & Barry's opened a large mall-based store at Great Lakes Crossing in Auburn Hills, Michigan and began to offer private label apparel targeted to the whole family, as opposed to their original customer base of mostly university students. The new line of products included denim, business casual, active wear, outerwear, and T-shirts. (They had everything! All the cool shirts that Kohl's has, but more!)
In 2005, Steve & Barry's leased over 3,500,000 square feet of space in shopping centers throughout the United States, the most of any mall-based chain in the country. The result was 62 brand new supermarket-sized stores, which doubled its outlets. (This, in my opinion, was their downfall. Too much, too fast.)
In 2006 (the beginning of the end), TA Associates, a $10 billion private equity firm, closed a minority investment in the company for an undisclosed amount.
In March 2008, General Electric Holdings lent Steve & Barry's $197 MM dollars which the company has now defaulted on.
By the end of 2008 the company planned to liquidate all remaining stores filing chapter 11 bankruptcy and closing its doors for good.
On January 30, 2009, all remaining corporate employees were fired marking the end of Steve & Barry's. Sad.
1 comment:
I'm going to miss it. They had awesome prices on everything and it was reasonable for everyone.
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