So a bankruptcy court approved the $163-million sale of Steve & Barry's to Bay Harbour Management.Apparently, Bay Harbour plans to run the business as a "going concern," but the New York City-based firm is planning on closing some of its 276 stores. Management expects to announce how many will be shut in the next week.One report has the new management keeping 150 of the stores open. They also plan to stick with the sportswear chain's strategy of selling most items for under $10."The customer still wants to shop but they must get value, and this company offers better value than I've seen anywhere," says Bay Harbour managing principal Douglas Teitelbaum.Wasn't Steve & Barry's value strategy what got it into trouble in the first place, or did the chain just expand too fast?
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