Steve & Barry's sets bid procedures for sale of substantially all assets

By Caroline Salls

Pittsburgh, July 10 - Steve & Barry's LLC requested court approval of the bidding procedures for the proposed sale of substantially all of its assets, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company has not selected a stalking horse bidder. However, Steve & Barry's is asking the court to approve a 2% break-up fee to be paid if any stalking horse bidder selected in the future is not the high bidder at auction.

The auction will be held July 29, and the company has requested a sale hearing be scheduled for July 31.

Bids are due by 9 a.m. ET on July 24, and all bids must include a 10% deposit.

Steve & Barry's, a Port Washington, N.Y.-based national apparel and accessories retailer, filed for bankruptcy on July 9. Its Chapter 11 case number is 08-12579.

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