After 51 years, discount chain Daffy's to close

(AP) NEW YORK - 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, confirmed 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.

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Daffy's has not determined the final date for the final liquidation of the business.

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