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Bay Harbour bought retailer Barneys New York out of bankruptcy before selling it to Jones Apparel Group Inc. (NYSE: JNY). The company's holdings include the former Aladdin Casino, which is now operating on the Las Vegas strip as the Planet Hollywood Resort and Casino following a rebranding.
The acquisition is expected to be completed Monday. Steve & Barry's LLC, based in Port Washington, N.Y., filed for Chapter 11 bankruptcy protection in July after ambitious growth plans were hurt by slower spending by consumers and the credit squeeze.
Under the terms of the deal, the new owners will acquire nearly all the assets of Steve & Barry's and keep the majority of it 276 stores open. The new ownership said it will decide within a week which stores will close based on their profitability.
Shares of Jones Apparel Group rose 87 cents, or 4.7 percent, to close at $19.55 Friday.
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