Casual clothing retailer Steve & Barry's is to close its remaining 173 stores, liquidating $250m worth of stock in the process, its new owners said yesterday (25 November).

The decision comes just two months after Bay Harbour Management and York Capital Management shuttered 97 stores as part of a restructuring plan and said they would operate with a "smaller, more productive" store base.

The investment firms, which bought Steve & Barry's for $168m in August, a month after it filed for Chapter 11 bankruptcy protection, gave no reason for their plans to liquidate the business.

Media reports, however, said the new owners were in violation of their credit agreements and were unable to find the financing to keep the stores open.

Going-out-of-business sales are expected to last for the next five to seven weeks.

Headquartered in Port Washington, New York, Steve & Barry's was founded over 20 years ago and offered low priced casual apparel for men, women and children.

Its brands included Bitten by Sarah Jessica Parker, EleVen by Venus Williams, Dear by Amanda Bynes, and Bubbagolf by professional golfer Bubba Watson.