Daffy's Files For Ch. 11 With Plan To Sell Store Leases

Law360, New York (August 1, 2012, 11:53 PM EDT) -- Discount clothing retailer Daffy's Inc. on Wednesday filed for Chapter 11 bankruptcy in New York with a liquidation plan that will pay creditors in full by generating $59 million, largely from the sale of the company's leases on its 19 stores, including its flagship store in New York City's Herald Square.

In a Chapter 11 filing in the Southern District of New York, Daffy's listed assets between $50 million and $100 million and liabilities between $10 million and $50 million.

The Secaucus, N.J.-based company already has arranged a $43 million sale of most of its leases — including its most valuable...

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