Retailer Steve & Barry's, which recently filed for bankruptcy-court protection, has agreed to be acquired by turnaround specialist Bay Harbour Management for $163 million if a deal on renegotiated leases can be reached.

The offer is a so-called stalking horse bid, which sets a minimum price for a company to be auctioned off under bankruptcy-court supervision.

NEW YORK, July 9 (Reuters) - U.S. apparel chain Steve & Barry's LLC filed for Chapter 11 bankruptcy protection on Wednesday and said it may put itself up for sale, joining a growing list of retailers seeking protection from creditors in a slow economy.

As Indymac's share price crossed into sub-dollar area (81 cents as of now), warnings are starting to emit out of Wall Street and Washington.

GM shares are down over a dollar and the stock is now trading at 30 year lows and the market cap of the company is now only $6.5 billion.

For many people, filing for bankruptcy is seen as a scary, worst-case scenario, but consumer advocates say this last resort could be a real help for beleaguered homeowners.

An article written by Babson College teacher and president of Peter S.