JEMB Realty buying Daffy's out of bankruptcy

JEMB Realty buying Daffy's, 1 day after retailer files for Chapter 11 bankruptcy protection

Associated Press

NEW YORK (AP) -- JEMB Realty Corp.is buying Daffy's Inc., one day after the privately held off-price retailer filed for bankruptcy protection.

Financial terms were not disclosed.

Daffy's filed for Chapter 11 bankruptcy protection on Wednesday in New York. The news follows the bankruptcy filings of rival chains Syms Corp. and its subsidiary Filene's Basement LLC in November.

In mid-July the Secaucus, N.J., company, a seller of clothing and other goods at discounted prices, confirmed that it would be winding down business at its 19 stores, including eight in Manhattan, six in New Jersey and one in Philadelphia, over the next several months.

Daffy's, which has been in business for 51 years, struggled as it battled tough competition, soft consumer spending and uncertain economic conditions.

JEMB Realty CEO Morris Bailey said in a statement on Thursday that it will pay back in full all of Daffy's creditors.

A JEMB affiliate is buying three real estate properties from Daffy's for an unspecified amount.

JEMB Realty, based in New York, owns and runs office towers, shopping centers, residential buildings and industries properties.

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