JEMB Realty To Shell Out $43M For Daffy's Assets

Law360, New York (August 2, 2012, 6:22 PM EDT) -- A JEMB Realty Corp. affiliate has agreed to buy Daffy's Inc.'s lease interests and other assets in a $43 million sale detailed in the discount clothing retailer's Chapter 11 bankruptcy plan, JEMB said Thursday.

In its bankruptcy filing Wednesday, Daffy's said it had already arranged a $43 million sale of most of its leases — including its most valuable one, a 97,124-square-foot store in New York's Herald Square with a below-market rent — as well as its fixtures and intellectual property.

As part of the agreement,...
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