One of the premier and best-known names in Dominican commerce, the El Curacao retail chain, fell prey to the attraction of lower interest rates on dollar loans, and is currently up for sale. Two years ago, before the banking crisis, the entire chain of stores, which has exclusive local rights to the SONY brand name, switched all of their accounts to dollars to take advantage of the much lower interest rates. When they were hit by the abrupt devaluation of the Dominican peso, however, the company found itself unable to pay its suppliers. Over 10 of the stores have been closed and merchandise is being offered at discounts of up to 50%. Even the flagship store on Leopoldo Navarro has been handed over to creditors. Antonio Espin, the president of the retail chain, told Diario Libre that a group from Central America is interested in purchasing the company. He also said that the quantity of non-traditional merchandise had damaged the business of household electric goods. The final blows came from the high energy costs the company was forced to pay, at times reaching 50% of their labor costs.