An employee at the store in New York City’s SoHo neighborhood said the stores were notified of the decision on Thursday.
Industry sources familiar with the plan said most stores are set to go dark by the end of October. A few will close as early as the end of September.
Daffy’s has been plagued by financial woes since the spring due to tanking sales, but it wasn’t until vendors were told in June that the chain was unable to pay May invoices that the cash crunch came to light.
Things were so bad that, at the end of June, buyers were told to take a forced vacation while the chain scrambled to assess its options. That led some in the markets to speculate that a bankruptcy filing could be in the works.
Marcia Wilson, the retailer’s chairman and chief executive officer, has been attempting to renegotiate terms with the firm’s lenders. She also was said to have considered a sale of the chain.
Like Syms and Filene’s Basement, both of which have gone out of business, Daffy’s succumbed to competition from business models that provide consumers with better deals and merchandise, instead of primarily offerings that were one season old.
The benefit to Wilson in a liquidation is that she has preserved her options for the real estate sites that the firm owns. In contrast, a bankruptcy filing likely would have meant a court would have control over those assets, depending on how ownership was structured and titled.
Daffy’s operates 19 units, eight of which are in Manhattan.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive