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Steve & Barry’s to Close All Remaining 173 Stores

PORT WASHINGTON, New York – November 21, 2008 – It was announced today that Steve & Barry’s, a national casual apparel retailer offering high quality clothing at “astonishing low prices”, will close its remaining 173 stores nationwide. This action follows an initial closing of 97 stores when the chain was acquired in August 2008 by two investment firms. At that time, the company had announced a go-forward strategy for the remaining stores, but recently reversed that decision and moved to close the balance of the Steve & Barry’s locations. Steve & Barry’s will close the stores following a Going Out of Business Sale conducted by SB Capital Group, LLC, and joint venture partners. The sale coincides with the start of the holiday shopping season and will offer shoppers discounts on approximately $250 million of inventory in all stores.

“From its humble beginning, Steve & Barry’s became a highly successful retailer selling all types of quality casual wear, from T-shirts, jeans and sweatshirts to jackets, footwear and accessories” noted Scott Bernstein, COO of SB Capital Group. “The Going Out of Business Sale will give the general public and the thousands of loyal Steve & Barry’s customers an opportunity to acquire the brand name and licensed apparel Steve & Barry’s was noted for, at greatly reduced prices.”

Headquartered in Port Washington, New York, Steve & Barry’s was founded more than 23 years ago with the opening of their first store on the campus of the University of Pennsylvania. Over the next 13 years, other campus-based locations followed. 1998 marked the opening of their first mall-based store which started Steve & Barry’s on the road to becoming one of the nation’s leading casual apparel retailers.

Steve & Barry’s introduced some of the most high-profile product lines in all of retail. These industry changing product lines included the DEAR collection by Amanda Bynes, the ELEVEN BY VENUS WILLIAMS collection, the BUBBAGOLF collection by professional golfer Bubba Watson, and the WONDERWALL collection by surfer Laird Hamilton. Staying true to its heritage, the company continued to offer licensed apparel from hundreds of colleges and universities, and in recent years, added more of America’s favorite brands including: Spider-Man®*, The Incredible Hulk®*, World Wrestling Entertainment®* (WWE®*), General Motors®*, Ford®*, Kellogg’s®* and Hershey’s®*.

*Trademarks and/or service marks of their respective owners.