Property Lines - Scott Olson

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Real Estate & Retail

More bad news for Indy malls

November 21, 2008
Steve & Barry’sBankrupt retailer Steve & Barry's now plans to close all of its remaining stores, including anchor shops at Lafayette Square and Washington Square malls. Bay Harbour Management and York Capital Management, the investment firms that bought 173 of the stores out of bankruptcy in September, now plan to liquidate the stores by early 2009, Reuters reported. The weakening economy and retail market were blamed for the decision. The chain has about 170 stores. The bankruptcy filing says the company has less than $50,000 in assets and liabilities between $100 million and $500 million. The closure of the Lafayette Square store is another blow for that mall's new owner, Ashkenazy Acquisition Corp., which learned in October that Sears also plans to close by early next year.
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