Despite increased sales, around 70 percent over the past few months (WallStreet Journal), and growing profits, Steve and Barry’s cites that the soaring fuel costs have led to this result…Chapter 11 bankruptcy. It is being reported that the company cut 172 corporate and field positions this week.

Steve & Barry’s is known for their reasonable and inexpensive prices under $10; and also notably for their signature apparel from NBA player Stephon Marbury’s, the “Starbury” sneakers and clothing lines from tennis star Venus Williams and actress Sarah Jessica Parker. (Pic Source)

In addition to the claim that the overall market for clothing retailers has become more competitive, founders Steven Shore and Barry Prevor have cited “high costs of materials and fuel prices have increased our cost of good and cost of operating… our customers are feeling the pain of high food and gas prices and declining home values, and many of them are being forced to… cut back on discretionary purchases.” (Source, Pic Source)