NEW YORK—In an agreement with Daffy’s, Inc., which commenced a voluntary case under Chapter 11 of title 11 of the Bankruptcy Code in the Southern District of New York on August 1, an affiliate of JEMB Realty Corporation has agreed to purchase Daffy’s leasehold interests, certain real estate fixtures and certain intellectual property.
In addition, a separate affiliate of JEMB Realty Corporation has agreed to purchase three real estate properties from Daffy's. The purchase price was not disclosed.
“JEMB Realty looks forward to the expeditious conclusion of the Chapter 11 case and the closing of the transactions described above,” said Morris Bailey, CEO of JEMB Realty.
Founded in 1961, Daffy’s currently operates 19 stores in New York, New Jersey and Philadelphia. The discount retailer is based in Secaucus, N.J.
JEMB Realty Corp. is a real estate owner, developer and manager headquartered in Manhattan. The company owns and operates in excess of 7.2 million sq. ft. of commercial space in North America.