Sarah Jessica Parker-approved discount clothing chain Steve & Barry’s, which brought many a lamely innuendoed $7.99 T-shirt to malls around the country, is filing for Chapter 11 bankruptcy protection. The company’s “strategy of operating on razor-thin margins and of adding stores in distressed locations with special payments from landlords”–which, I guess, sounded a lot more solid before hindsight kicked in–will result in many, if not all, of its stores closing. Why is this business tidbit on a music blog, you may ask? Because the clothing chain was supposed to move into the old Tower Records space at Broadway and E. 4th Street in Manhattan this fall. (That’s the former Tower in the pic there.) This bit of news can mean only one thing for New Yorkers: Get ready for another huge Duane Reade. [NYT]