Fashion Trends

Steve and Barrys: What Happened and Why Did It Close Down?

Steve and Barrys: What Happened and Why Did It Close Down?

Okay, so, I’ve been meaning to write about this for a while, and today’s the day. We’re talking about Steve & Barry’s. Remember them? Man, that place was a trip.

Steve and Barrys: What Happened and Why Did It Close Down?

It all started back in, like, 1985. I was fresh out of college and broke as a joke. A buddy of mine told me about this store at the University of Pennsylvania. Said the guys who started it, some dudes named Steven Shore and Barry Prevor, were selling clothes for dirt cheap. So, naturally, I had to check it out.

I walked into that first store, and my jaw just about hit the floor. Everything was priced at $5.98, $7.98, maybe $9.98 for the fancier stuff. This was unheard of! I loaded up on t-shirts, jeans, you name it. They had this “Extreme Value Retailing” thing going on, and it was a game-changer for a broke college grad like me.

Then, a couple of years later, they started popping up everywhere. Malls, shopping centers, you couldn’t miss ’em. I even remember they opened one up on State Street in Ann Arbor. That place was always packed, especially on Football Saturdays.

Now, here’s where it gets interesting. Around 2006, they teamed up with NBA player Stephon Marbury to launch his Starbury line. The big deal? Basketball shoes for $14.98. I remember thinking, “There’s no way they’re making any money on these.” Marbury himself said in an interview that they cost way less than that to make, and he was probably right.

I kept shopping there throughout the years. I mean, where else could you get a decent pair of jeans for under ten bucks? But then, things started to go south. I noticed the stores were getting less crowded. The quality seemed to be slipping a bit, too.

Steve and Barrys: What Happened and Why Did It Close Down?

Then, the news broke. They filed for Chapter 11 bankruptcy in 2008. Turns out, they were in some serious financial trouble. Apparently, they owed a ton of money to some lending company, and they were relying too much on upfront payments from mall operators.

  • First, in July 2008, they filed for bankruptcy protection under Chapter 11.
  • Second, they tried to keep the stores open.
  • Third, in the end, all 276 stores were closed, and the whole thing was liquidated.

It was a real bummer. I read somewhere that the co-founder had big plans to expand to 500 stores. But, you know what they say about the best-laid plans.

What I learned:

Looking back, I guess it was too good to be true. Steve & Barry’s was a great idea in theory, but it just wasn’t sustainable. Still, I’ll always have fond memories of scoring some serious bargains there. It was a wild ride while it lasted. They taught me that even with celebrity endorsements, a business model has to make sense. And maybe, just maybe, paying under ten bucks for a pair of jeans isn’t realistic in the long run.

Shares:

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *