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Conway Stores, the discounter that has long been a fixture on 34th Street, has been sold to National Stores.
Based in Los Angeles, National operates the Fallas Discount Stores, among other name plates having the Fallas brand name. In 2004, National acquired the assets of bankrupt Factory2-U chain, and now operates under that nameplate as well.
It was unclear at press time the terms of the deal, but it was confirmed by sources that the Conway business and its Metro/CW Price operation were included in that transaction.
Conway has been operating under financial constraints in the last few years. It was close to a deal to sell itself about a year ago, but talks broke off. And in the last two years its presence on 34th Street has been diminished as it closed a few adjacent stores.
A financial source said one of Conway's problems is that the shoppers in the Herald Square area are now looking for more upscale merchandise, in spite of the recession of the last few years. Another said it was harder to get goods from jobbers as stores found other avenues in which to dispose of excess inventory.