Dylex was formed in 1966 as a holding company for the purchase of Tip Top Tailors through a partnership between Jimmy Kay, a decorated World War II veteran and businessman, and Wilfred Posluns, a former stockbroker.

[1] In 1984, Dylex purchased 50% of NBO Stores Inc., a 28-store chain of men's clothing discounters founded in Yonkers in 1971 as National Brands Outlet by Leon Atkind.

[1] At one point, the company had five business divisions: BiWay, a major discount basic apparel and general merchandise, Thriftys (denim and other jeanswear and accessories), Tip Top Tailors (mid-priced men's suits and sportwear), and its women's wear group, made up of Fairweather (women's career and casual clothing), Big Steel Man (aka Big Steel and in its final days Steel) and Braemar (women's tailored clothing and accessories).

[citation needed] BiWay Stores accounted for 54% of fiscal 2000 revenues; Thriftys, 14%; Fairweather, 12%; Tip Top Tailors, 12%; Braemar, 7%; and Labels, 1%.

[citation needed] These plans did not go through, however, and in August 2001, all BiWay stores, save for a few Toronto area locations, were shuttered for good and Hardof Wolf left with all of the employees' money.

[citation needed] The courts finally forced Hardof Wolf to pay back some of the money it owed to the employees.