The new owners of US retailer Steve & Barry's are to liquidate its 173 remaining stores, it has been reported.

According to Reuters news agency, Bay Harbour Management and York Capital Management plan to liquidate their holdings early next year as sales continue to slump.

Steve & Barry's was sold to investment firm Bay Harbour and York's newly formed BHY S&B Holdings LLC for $168m in August, having filed for Chapter 11 bankruptcy protection a month earlier.

The company could not be reached to comment further today (21 November) on the Reuters report.