N.Y. realty company buying Daffy’s out of bankruptcy
New York real estate company JEMB Realty Corp. is buying Daffy's Inc., Reuters reported. The announcement was made one day after the discount retailer filed for bankruptcy protection.
JEMB Realty will pay back all of Daffy's creditors in full. A JEMB affiliate will buy three of Daffy's real estate properties. JEMB will acquire certain intellectual property from Daffy's if the court approves.
Bloomberg reported that JEMB would pay $43 million for Daffy's assets.
The Bloomberg report said Marcia Wilson, Daffy's main shareholder, owns the company along with five family trusts that hold voting stock. (Sources: Reuters, Aug. 2, 2012; Bloomberg, Aug. 2, 2012.)
Posted Wednesday, August 08, 2012 • Permalink