Steve & Barry's in trouble

Low cost seller Steve & Barry's might be shutting down over 100 of its stores and is considering a full liquidation if it does not find some emergency financing. The company reportedly requires about $40 million in debtor-in-possession financing so that it can file for bankruptcy protection. According to a report, Weil Gotshal & Manges, a law firm, has been preparing the bankruptcy filing and Harvey Miller will be handling the case. Steve & Barry's has created quite a following among those who loved fashion, but did not want to pay inflated prices.