Steve & Barry's has been rescued! The discount retailer that filed for Chapter 11 bankruptcy last month has been bought out by an affiliate of the Bay Harbour Management investment firm, which paid $168 million to purchase the chain. This means most of the Steve & Barry's 276 stores can continue to operate. And hey, maybe that Steve & Barry's that's supposed to open in the old Tower Records space has a fighting chance to actually open.

Celebrities like Amanda Bynes, Venus Williams, and Sarah Jessica Parker ought to be busy this morning patting their brows dry: They all design lines for the store and probably didn't want to go down with the ship. Is it not better to be Kate Winslet on the wooden plank than Leonardo DiCaprio in the icy ocean? It didn't sound like Sarah Jessica Parker was planning on freezing and drowning herself, as rumors have been swirling that she was prepared to take her Bitten line to another store. But now that Steve & Barry's is all patched up, she can stay aboard. She told WWD she looks forward to continuing their "strong partnership." Isn't that just hunky-dory?

Steve & Barry's Sold to Bay Harbour [WWD]
Related: Breaking: Steve & Barry’s Files Chapter 11
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