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Monday, July 7, 2008
The Michigan Daily - michigandailycom
CAMPUS APPAREL
Steve & Barry's loses- University license
Clothing retailer could
face bankruptcy
By CHARLES GREGG-GEIST
Daily News Editor
The profit from selling Michigan
T-shirts for under $10 apparently
isn't enough to keep Steve & Bar-
ry's, retailer of collegiate apparel,
in business.
The famously low-priced clothing
supplier, long an icon on State Street
and in malls across the country, may
be facing bankruptcy.
The Wall Street Journal report-
ed last week that Steve & Barry's
is considering closing more than
100 stores across the country and
has fallen behind in payments to
builders, suppliers and advertis-
ers. The chain is seeking $40 mil-
lion in private financing to avoid
filing for bankruptcy.
Dave Smaby, the store's man-
ager, refused to comment about the
future of the State Street location.
E-mail messages to Steve & Barry's
media relations department for this
storythe first sent June 26, received
only an automated reply promising a
quick response.
.Aside from its bankruptcy trou-
bles, the retailer took a hit when the
University chose not to renew its
licensing contract with 4004 Inc.,
the apparel company that supplies
Steve & Barry's. Kristen Ablauf, the
University's director of licensing,
said the decision was made because
of "concerns with their ability to
fulfill their requirements of their
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