According to reports, US sportswear retailer Steve & Barry's is planning to file for Chapter 11 bankruptcy protection as a result of credit problems and a turbulent retail environment. The firm has already cut more than 170 jobs.

A company statement said: "High costs of materials and fuel prices have increased our cost of goods and cost of operating. Our customers are feeling the pain of high food and gas prices and declining home values, and many of them are being forced to shop closer to their homes and cut back on discretionary purchases.

"It has become increasingly difficult for us to continue operating normally under these circumstances."

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