Conway Stores, the discount retailer owning stores throughout the East, South and Midwest, has been sold to National Stores, reports Women's Wear Daily. As part of the transaction, Conway's New York buying office has been shut down and its staff laid off.
National Stores operates the Factory2-U chain and Fallas Discount Stores, including a handful of other name plates having the Fallas brand name. The company is headquartered in Los Angeles.
Details about the transaction are unclear, but the deal has been confirmed by company sources privy to the transaction. Conway currently operates 44 stores according to the company website.
Despite 2008's financial downturn that lured cost-concious shoppers into discount retailers, Conway has faced growing financial constraints in the last few years. Just last year, the retailer entered talks about a possible sale, but negotiations hit a dead end.
For more see:
-This Women's Wear Daily article
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