September 3, 2008
Curtis Attorneys Represent Gordon Brothers and Hilco Joint Venture in Its Successful Bid to Liquidate Certain Assets of Retail Chain Steve & Barry’s
Curtis attorneys recently represented a joint venture comprising Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC, two industry leaders in the field of monetizing retail assets, in connection with its successful bid to act as the agent to conduct store closing sales at certain Steve and Barry’s locations. New York-based Steve & Barry’s is a leading national casual apparel retailer that offers merchandise at low prices for men, women and children. In early August, Gordon Brothers, Hilco and a newly created affiliate of investment company Bay Harbour Management were approved by the United States Bankruptcy Court for the Southern District of New York to act as the stalking horse bidder to acquire substantially all of the assets of Steve and Barry’s. As stalking horse bidder, Gordon Brothers and Hilco agreed to liquidate all or certain of the inventory from over one hundred of Steve and Barry’s locations. Ultimately, after a competitive auction and a contested sale hearing, the Bankruptcy Court approved the sale of substantially all of the assets of Steve and Barry’s to Bay Harbour, with Hilco and Gordon Brothers to act as agent to liquidate inventory at several of the Steve and Barry’s locations. Curtis was instrumental in providing counsel to both Hilco and Gordon Brothers throughout the sale, auction and Bankruptcy Court process as will as securing Bankruptcy Court approval of the ultimate transaction. Partner Steven Reisman led the Restructuring & Insolvency group, with support provided by associate Cindi Eilbott.