LONDON (Thomson Financial) - U.S. discount retail chain Steve & Barry's is
expected to file for Chapter 11 bankruptcy as early as this week, the Wall
Street Journal reported on Tuesday.
The report, which cited people familiar with the matter, said the Port
Washington, New York-based chain had been unable to raise rescue financing. It
had been in last-minute discussions with Sears Holdings Corp for a bail-out, the
paper said.
Steve & Barry's main lender is the commercial-lending unit of General
Electric Co. It provided the company with a roughly $200 million credit facility
in March, the Journal said.
The company could not be immediately reached for comment.
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