U.S. Northeast

Daffy's Inc., the 19-store chain selling discount designer brands in the U.S. Northeast, filed for bankruptcy court protection after saying it would shut down because of weak consumer spending. The Secaucus, New Jersey-based company listed assets of as much as $100 million and debt of as much as $50 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Manhattan. Daffy's said July 16 in an e-mailed statement that it would close stores and liquidate merchandise during the next few months.

Daffy's, a 19-store chain that sells discount designer brands in the U.S. Northeast, said it will shutter its business in the next few months, citing an uncertain economy and weak consumer spending. "The process will entail the gradual closing of Daffy's stores and the liquidation of its merchandise," Michael McMullan, a Daffy's spokesman, wrote in an emailed statement today. Daffy's, which doesn't have a final date for the closure of the business, will continue to employ its associates and give them pay and benefits for at least 60 days, McMullan said. Daffy's has about 1,300 employees.