Wednesday, August 20, 2008
Starbury - Great Deal Goes Sour
One of the greatest licensing deals in the sneaker and apparel industry has gone south.
Say that five times fast. More bad news for embattled retailer Steve & Barry's. As if filing for bankruptcy wasn't enough, now they're getting fouled by Knicks point guard Stephon Marbury. Marbury is suing his broke buddies for millions in royalties from his hot-selling Starbury sneaker line. Marbury launched the sneaker line two years ago with a $15 price tag so poor kids could buy them. How nice! Now that S&B has tanked, Marbury is looking for his endorsement cash, claiming he's owed $2.2 million. No worries, though. Marbury is in talks with Amazon to sell the kicks.
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