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Business

Discounter Daffy's goes out of business

Daffy's announced Monday that it will close its

Daffy's announced Monday that it will close its 19 stores. This is its only Long Island location, on Northern Boulevard in Manhasset. (July 16, 2012) Credit: Howard Schnapp

Discount retailer Daffy's Inc., which offered consumers "clothing bargains for millionaires," is going out of business and will begin liquidating its merchandise, the company said Monday.

The company blamed "the uncertain economy and weak consumer spending, and a lack of viable financial and business alternatives."

Daffy's, which sells branded clothing and other items for men and women, has one location on Long Island, on Northern Boulevard in Manhasset. In April 2011, the store hosted a grand reopening after the building was repaired after damage from a fire in 2010.

"I'll be very sad" when Daffy's closes, said Patricia Carr of Manhasset as she was about to shop at the store Monday afternoon. "They had just come back; that's dreadful. They got rid of Filene's, too."

The Manhasset store first opened in 1993 and employs about 50 people. In total, Daffy's employs 1,300, the company said.

Although there is no clear timeline for store closings, employees can expect to receive pay and benefits for at least 60 more days, the company said.

Miriam Shiff, who owns Fixx, a women's apparel shop in Great Neck, said Monday that the closing of Daffy's shows times are tough for retailers.

Shiff said she likes to go to Daffy's occasionally to check prices of products she also sells, and to buy everyday necessities. "I come in here all the time," she said. "I like that it's one-stop, and I like knowing how much things really cost."

Daffy's is based in Secaucus, N.J., and operates 19 stores in New Jersey, New York and Pennsylvania, with a majority of the shops located in New York City.

The company was founded more than 50 years ago by Irving Shulman when he opened a single store in Elizabeth, N.J., called Daffy Dan's Bargain Town. Shulman's daughter Marcia Wilson is chief executive.

The company suffered as competition in the retail sector increased, and sales were weak.

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