NEW YORK — Discount designer clothing destination Daffy’s is preparing to close all of the chain’s 19 locations, which includes 11 stores in New York City.
Businessweek reported that Daffy’s, whose slogan brags about offering "clothing bargains for millionaires," blamed the closure on an uncertain economy and poor consumer spending.
An exact closing date has yet to be set, but a spokesman for the company told Businessweek that Daffy’s will continue to pay its employees for at least 60 days.
The announcement comes months after Filene’s Basement and its parent company, Sym’s, shuttered their Manhattan locations, citing increased competition in the discount retail sector as well as a weak economy.
When Daffy's officially closes, the chain will vacate some prime Manhattan real estate. The retailer currently occupies locations near Grand Central, Herald Square and Times Square, as well as outposts in Brooklyn, The Bronx and Queens.
Representatives from Daffy’s did not immediately respond to a request for comment on Monday.