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Racketeers are rampant in the shopping disctrict on Second Avenue. Guess who has just come from Second Avenue with a new fur coat? That's right, it's My Friend Irma. She spent her entire part of her vacation money that she and Jane had planned. The coat is so ugly and worthless that even Irma's disreputable boyfriend Al is surprised at her lack of judgement.

Jane and Al take Irma to the Better Business Bureau for action. Before Irma can take the coat back, she loses her coat. With the help of her friends, Irma gets bailed out once again. But not without
a lot of laughs first.