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the michigan daily makes the wall street journal

apparently, steve & barry’s totally screwed the daily over in advertising dollars, and the wall street journal is on the case.

For those doing business with Steve & Barry’s, it has become hard to reconcile the hype with reality. As the chain was inking high-profile licensing deals and attracting national media acclaim, small vendors across the country — along with overseas apparel manufacturers — say they were going unpaid, or enduring months of lag time between payments.

For instance, Steve & Barry’s is no longer allowed to advertise in the University of Michigan student newspaper, The Michigan Daily. The company was the paper’s largest advertiser for the 2006-07 school year.

Newspaper business manager and University of Michigan senior Elaina Bugli said the retailer fell months behind on $36,000 in bills and still owes $20,326 for ads bought more than a year ago.

“It’s by far our largest unpaid debt. They owe us more than we set aside for all unpaid debts for the year,” Ms. Bugli said. Meanwhile, Steve & Barry’s is a prominent licensee of merchandise for the University of Michigan, which ranks fourth in collegiate apparel sales.

that shit sucks b/c writers’ paychecks are definitely based on ad sales. turns out it’s easy to run a low-cost retail chain when you don’t pay any of your bills. go figure.

high five to jack for the heads up.

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