Everyday when we turn around more and more stores are closing and filing for bankruptcy. Whats to blame? Is it the economy? The stores? Well I think its a little bit of everything. Steve and Barry's opened up about 20 years ago to appeal to the college crowd. They sold college wear for very cheap, usually under $10 a t-shirt. As they began to become more popular, they began to take on a new thing, regular clothing. They licensed brands by Sarah Jessica Parker and Amanda Bynes in pursuit of become more upscale an fashionable. The clothes in the store were never priced over $20, so they still had very cheap clothes.
It seems to me, that they bit off more than they could chew when they began selling regular clothing. It wasn't what people wanted from this store. The clothes that they sold were not all that great, and they were trying so hard to be an upscale store that they failed. They just were not strong enough to stick around in an economy thins bad. Maybe if they would have had some better advertising and display techniques they could've lasted. They should have just stuck to their original plans instead of trying to do everything extra big, and maybe they would still be around.
Sources:
http://www.jsonline.com/blogs/business/34830124.html
http://arborweb.com/articles/steve___barry_s_closing.html
http://www.bloggingstocks.com/2008/11/18/steve-and-barrys-set-to-throw-in-the-towel/
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