Based in Port Washington, New York, Steve & Barry's was about stripping away the gloss and giving consumers a low price point. Their business description had been, "The fact is that great clothing doesn't really have to cost that much. It's a simple idea, but also a big idea big enough, that is, to turn the industry on its ear. By delivering on their promise to provide premium apparel at impossibly low prices, Steve & Barry's is single-handedly changing the retail landscape." Unfortunately, the idea did not work out too well. They did not change the retail landscape, and the retail environment had gobbled them up. On November 24, 2008, after filing for Chapter 11 bankruptcy protection and closing many stores, Steve and Barry's parent company filed for Chapter 7 bankruptcy liquidation and announced the chain was going out of business. This liquidation was completed on January 30, 2009.
The moral of this story is that even if you believe that you have a wonderful concept, make sure you have the proper profit margin. Work within your means and formulate a good business plan. Businesses can be successful, but they can also fail if not managed properly. When starting a fashion business, it will take more then simply a good idea. Make sure to do your research before jumping in.
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