Steve & Barry’s Files for Bankruptcy
BUSINESS IN BRIEF
Steve & Barry’s files for bankruptcy
Steve & Barry’s joined the growing parade of retailers who are marching to bankruptcy court with its Chapter 11 filing in New York on Wednesday.
The Port Washington, N.Y., apparel retailer specializes in selling inexpensive clothes and celebrity endorsements for clothing lines, such as Sarah Jessica Parker’s Bitten brand. But the bargains and famous names couldn’t prevent Steve & Barry’s from running into problems in this sluggish economy.
The company said it continues to operate its 276 stores, and it will honor gift cards and store credits. The company has eight stores in Massachusetts, including ones at the Independence Mall in Kingston and the Silver City Galleria in Taunton.
Steve & Barry’s said its sales have been strong this year, with sales up 15 percent in the first five months of the year in stores open at least a year. But the company said it was forced to file for Chapter 11 protection because of the volatility of the credit markets and general economic conditions, which affected the company’s store opening plans and borrowing capacity. The company, which has put itself up for sale, said it is cutting 172 corporate and field staff positions.
Northwest latest to add new fees
Flying on Northwest Airlines jets will get more expensive for many travelers now that the Eagan, Minn., company has become the latest airline to add a range of new fees. Northwest will charge $15 for the first checked bag, $25 for a second check bag and $100 for three or more checked bags. Northwest will also charge a fee, ranging from $25 to $100, for customers to gain access to some of its frequent flier tickets. Northwest also is increasing its fee from $100 to $150 for a ticket change.
Comcast to drop channels from analog service
Comcast customers in New England who don’t get digital TV service may notice that some channels will disappear next week. Comcast is no longer offering analog versions of some channels to open up room to offer more digital channels, which take up less bandwidth. However, the channels that disappear will range from town to town, a Comcast spokeswoman said. Analog customers who want to continue to get those channels can upgrade to digital TV service, and Comcast will waive the $4 monthly fee for the first year for the digital box, the Comcast spokeswoman said. She said roughly 70 percent of Comcast’s New England customers already get digital service.
Acella finishes two projects
NORWELL – Acella Construction Corp. of Norwell has finished a 28,000-square-foot retail building in Westerly, R.I. The building, was completed in six months for property owner Carpionato Properties Inc. of Johnston, R.I.
Acella also finished a 500-square-foot addition to the Espirito Santo Church in Fall River that focuses on a new 45-foot bell tower. Many pieces, including stained glass windows, were salvaged from the neighboring Our Lady of Health Church, which closed two years ago.
Municipal power group offering Solar energy projects
The Massachusetts Municipal Wholesale Electric Co. is offering one-stop shopping for any of the state’s 40 municipal utilities that want to develop solar energy projects. Municipal utilities will be able to buy solar energy panels, electric inverters and project installation services through one contract with the municipal electricity organization. The organization has contracted with Evergreen Solar Inc. of Marlboro to provide photovoltaic panels to participating municipal utilities. Solectria Renewables LLC of Lawrence has been tapped to provide the inverters that will convert electricity for local distribution.
Patriot Ledger staff
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