PORTLAND, Ore. — Popular but troubled retailer Steve & Barry's may live on under new ownership.

The company announced today that BHY Holdings LLC, an affiliate of investment firms Bay Harbour Management and York Capital Management, won a bid to buy the chain for $168 million.

The deal went to court yesterday but the session was adjourned before a final decision was announced. Once approved, the acquisition is expected to be completed Aug. 25.

Steve & Barry's LLC, based in Port Washington, N.Y., filed for Chapter 11 bankruptcy protection in July, after ambitious growth plans were hurt by slowed spending by consumers and the credit squeeze.

The discount retailer had 276 outlets, including a 24,000-square-foot store at Waikele Center.