The company is having serious financial troubles, according to a Wall Street Journal report. Though no specific locations are mentioned, the company is reportedly planning to close more than 100 of its 275 stores:
If the Port Washington, N.Y.-based retail chain cannot find emergency financing, it may have to liquidate its 275 stores in 40 states, including 10 stores in the Chicago area, according to the Journal report.
Previous media reports have said that Steve & Barry’s was unable to pay its vendors because of the cash squeeze.
The Wall Street Journal reports that the principals of the chain have sought help from Sears Chairman Edward S. Lampert, a hedge-fund billionaire, as a possible investor, but that it has received little interest from potential retail investors.