Discount clothing retailer Daffy's to liquidate

July 16, 2012 2:47:44 PM PDT
Daffy's Inc., which sells national fashion brands at up to 80 percent off, is going out of business, a victim of a fiercely competitive landscape that already claimed rivals Syms and Filene's Basement as casualties.

Michael McMullan, a spokesman for the chain, is confirming Monday the retailer will be winding down business at its 19 stores in New Jersey, Pennsylvania and New York over the next several months. Eight of the 19 are in Manhattan. About 1,300 employees will be affected.

McMullan says the closing was necessary due to the uncertain economy, weak consumer spending and lack of viable financial alternatives.

The Philadelphia store will close on September 30th.

The company had been in business for 51 years and is based in Secaucus, N.J.