Daffy’s the affordable retail giant that boasts “clothing bargains for millionaires” on its signage, is set to close all 19 of its locations sometime by the fall, it was announced today.

The company, which was founded in 1961, will be laying off a total of 1,300 employees.

Daffy’s has a number of prime retail locations throughout New York City, including a 10,245 square foot space at 335 Madison Avenue. The retailer also has locations at 50 Broadway, 462 Broadway, and 125 East 57th Street.

The East 57th street location, sized at 54,000 square feet, could prove attractive to a number of large retailers.

“All associates will remain employed and receive pay and benefits for at least 60 days,” the company said in a statement.

Daffy’s “deeply regrets that this action was necessary due to the impact on its business of the uncertain economy and weak consumer spending, and a lack of viable financial and business alternatives,” the company added.