Friday, Sep. 05, 2008

Steve & Barry's to remain open in Columbus

Off-price retailer will close its Opelika store, however

The Steve & Barry's store in Columbus will not shut its doors, the off-price casual clothing retailer said Friday.

But its store in Opelika, Ala., about 45 minutes northwest of Columbus, has been targeted for closure, the company said.

Rachel Brenner, spokeswoman for Port Washington, N.Y.-based Steve & Barry's, said in an email Friday morning that the 44,000-square-foot outlet at Cross Country Plaza shopping center in Columbus will "remain open."

The retailer, which filed for Chapter 11 bankruptcy protection in July and was purchased by an investment firm in late August, said its store in Pepperell Corners shopping center in Opelika will shut its doors after a liquidation sale.

"We would encourage shoppers to visit any of our closing stores to take advantage of the "Store Closing Sale" that's now under way for a limited time," Brenner said. "We do not currently have a final sales date for these stores."

Steve & Barry's plans to close 106 of its 276 stores nationwide to "reach its profitability goals," Brenner said. The chain, like many other retailers, has been struggling to maintain profit levels amid a struggling economy and rising consumer prices, including gasoline.

The Columbus store opened last November and is the anchor of the city's first shopping center, originally built in the 1950s. Other tenants include Publix supermarket, Books-A-Million and OfficeMax.

Steve & Barry's is well known for its apparel marketing agreements with actress Sarah Jessica Parker and sports stars Venus Williams and Stephon Marbury.

The retailer was purchased by BHY S&B Holdings, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management.