No One Wants Circuit City’s Leases

An auction on the leases of 154 closing Circuit City stores that was scheduled for today is canceled due to a lack of bidders, says a Reuters report.

According to a Circuit City spokesperson, the electronics chain might be able to reject the leases by the end of the month, due to the lack of offers.

Is Wal-Mart Getting All Steve & Barry’s?

Wal-Mart is taking on a merchandising effort that seems a lot like another retailer making headlines lately – Steve & Barry’s.

Wal-Mart is converting more than 1,700 of its Garden Centers into a new concept called Game Time Headquarters. The company is saying that this part of the store will be geared toward tailgaiting football fans. The retailer will mostly offer deep discounts on food for the events, but it is also selling NCAA and NFL caps for $5 and T-shirts for $6.

Update: What’s Next for Steve & Barry’s?

So a bankruptcy court approved the $163-million sale of Steve & Barry’s to Bay Harbour Management.

Apparently, Bay Harbour plans to run the business as a “going concern,” but the New York City-based firm is planning on closing some of its 276 stores. Management expects to announce how many will be shut in the next week.

Steve & Barry’s: What’s Gone Wrong?

There were a flurry of reports last week that Steve & Barry’s is close to filing for bankruptcy and/or closing 100 of its 275 stores.

Few retailers have garnered more publicity over the last couple of years than the chain, which sells mostly sports apparel at prices less than $10. Steve & Barry’s is also known for taking up major vacant spaces in malls across the country and signing deals with celebrities like New York Knicks point guard Stephon Marbury and actress Sarah Jessica Parker.