Acquisition talks involve Steve & Barry's store chain

The clothing chain Steve & Barry's has announced it is in acquisition talks with BH S&B Holding LLC, a newly formed subsidiary of the investment firm Bay Harbour Management, according to a company press release Monday.

Steve & Barry's has stores at Carousel Center mall in Syracuse, Salmon Run Mall in Watertown and St. Lawrence Centre mall in Massena. It filed for bankruptcy protection in July.

According to the new agreement, BH S&B Holdings would acquire certain of the company's assets for $163 million. Should the deal go through, the investment firm would continue operating the Steve & Barry's chain, the press release said.

In return, BH S&B Holdings would acquire store leases, merchandise and intellectual property rights.

Before the deal can proceed, the asset purchase agreement must be approved by U.S. Bankruptcy Court for the Southern District of New York.