Daffy’s, a store known for its low prices on designer clothes, is going out of business.
The stores will begin closing as early as September, with all planning to be closed by the end of October. The retailer has hired a liquidator who will plan all of the going-out-of-business sales.
Like many retail stores, Daffy’s has struggled in this economy, but in May they hit rock bottom when they couldn’t pay their invoices. Things got worse when buyers were forced to take a vacation in June.
The CEO, Marcia Wilson, has been working to renegotiate contracts with their lenders and also considered selling the chain. By liquidating, Wilson will retain the real estate that the company owns, which the stores are currently built on.
It’s so sad to see a store go out of business… but we do love a good sale!
[Image via Daffy's.]