The college apparel store, Steve & Barry’s, has lost its license to sell any apparel with the U-M name and logo. The license, which expired on June 30, has not been renewed by the University.

This decision was made in consideration of Steve & Barry’s financial downturn. The company, as reported by the Wall Street Journal last month, had to hire a bankruptcy lawyer to help with their finances, and avoid having to file for bankruptcy.

The University paper, the Michigan Daily, is also cutting ties with the store. They once had a lucrative advertising partnership, but since the store has accumulated so much debt, and caused the paper to be in debt, the paper will no longer accept its advertising.

The University and the company are currently negotiating how much longer U-M apparel can continue to be sold in stores.