Steve & Barry's Is Bankrupt: Where Can I Get My Sarah Jessica Parker Clothes?

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Could the clothes at Steve & Barry's, the chain that prides itself on fashions for less than $10, get any cheaper? The answer is somewhat surprising: Probably, yes!

That is because the clothing retailer, purveyor of Sarah Jessica Parker's 'Bitten' line, among others, filed for Chapter 11 bankruptcy today in the United States Bankruptcy Court for the Southern District of New York.

"You could see big sales," forecasts retail analyst Patricia Edwards of investment counselors Wentworth, Hauser & Violich (which does not analyze Steve & Barry's), adding that when a company owes a lot of money, there is often a liquidation selling off everything from the product to "the desks out of headquarters."

That said, any potential sales may be closer to when back-to-school shopping starts. Stores are still open as of today "conducting business as usual" and gift cards are being honored, says a company spokesperson. "No decisions will be made at this point," regarding the future store closings and the fate of individual lines. (Although according to a company release, 172 positions have already been cut.)

If Steve & Barry's vacate their 276 stores in 39 states, budget fashionistas will want to know how to get their hands on affordable celeb fashion fixes. In addition to SJP's clothes, all of which sold for less than $8.98 each, Steve & Barry's also hawks Starbury sneakers from basketballer Stephon Marbury, 'the dear' clothing line from actress Amanda Bynes, the 'Eleven' line from tennis player Venus Williams, and WonderWALL, a surf and skate line from surfer Laird Hamilton.

(Where will these lines be sold, if Steve & Barry's shutters their doors? According to published reports one company in talks with the troubled retailer is Sears (SHLD), although the companies are not commenting at this time.)

In the meantime, it is possible that celebrity-inspired fashions from Steve & Barry's will become quaint – collector's items, even! -- and you can hunt for your SJP 'fashion is not a luxury' tees and Starbury sneaks at the local thrift shop in months to come. (Make that years to come -- the stores sold 80 million pieces of clothing and accessories in the past year alone!)

Indeed, when Parker paired with Steve & Barry's, the actress made a fuss about how the affordability of the company's products spoke to her humble upbringing, Faran Krentcil, fashion writer and digital director for Nylon magazine, points out.

"[Bitten] will be forgotten and it'll turn up at Salvation Army, but really, it sounds like Sarah Jessica Parker would like it that way," she jokes.

The Steve & Barry's spokesman kept mum on whether the clothing lines like dear, Bitten and Starbury, would or could continue independently without the company. Speculation regarding the clothing lines is "premature at this point," the spokesman says, adding "the company has received tremendous support" from its celebrity designers.

But even with the company's numerous well-known clothing lines, trend-seeking discount shoppers may not even notice the store or their lines are gone, Edwards says. Other discount retailers may simply have been better at getting of-the-moment fashion to "turn on a quick dime," like Old Navy (GPS) and Target (TGT), so that shoppers may just shrug as they shuffle over to another store if they see Steve & Barry's is gone, says Edwards.

"It's going to leave a hole" if Steve & Barry's goes, Edwards says, but "it will open up opportunities for others."