Saying, "the operation has not been satisfactory from a financial standpoint for several years," the president of the Jelleff's Women's clothing chain yesterday announced the company is going out of business.

Three of the four Jelleff's stores will be closed in the next two months and the fourth has already changed its name so it an operate independently, said Jelleff's president and

Meanwhile Garfinckel revealed that it will open a new store in the Fair Oaks shopping centre now under construction near the intersection of Interstate 66 and Route 50 in Fairfax.

Garfinckel plans a 50,000-square foot store in the 1.4-million-foot center, whose other major tennants include Hecht, Woodward & lothrop, Sears, J.C. Penney by Lord & Taylor

Being developed by The Taubman Co. of Troy, Mich., Fair Oaks in scheduled to open in July 1980. Garfinckel also plans a new store in the Georgetown Park complex now being built at Wisconsin Avenue and M Streets NW.

At Jelleff's, Potter said the stores at 4473 Connecticut Ave. NW and in the Springfield Mall will close at the end of May and the one on Colesville Road in Silver Spring will shut down a month later.

Taking its name from the address on a recycled stained glass window used in its storefront, the Jelleff's in the Crystal City complex in Arlington last week changed its name to Fifteen Thirty Five, Potter said.

The Crystal City store is owned by a separate corporation, controlled by most of the same persons who own Jelleff's Corp., Potter said. About 98 percent of the stock of Jelleff's is owned by members of his family, Potter added.

Stressing that his assessment of the Jelleff's as "not satisfactory" financially does not mean the stores are losing money. Potter said the three stores will "be liquidated in an orderly way" and all creditors will be paid.

"We're not going into Chapter XI or anything like that; this is a voluntary liquidation," he added.

Potter would not divulge the sales volume of the four Jelleff's stores, but said it was "considerably below" the $13 million the company was doing when Potter's father purchased them in 1968.

Since then, Jelleff's has closed its highest-volume store, on F Street in downtown Washington, and a large store in the Tyson's Corner Shopping Center.Jelleffhs pulled out of F Street in 1972 and closed the Tyson's store earlier this year.

The chain was founded in 1910 by Frank R. Jelleff. Jelleff died in 1961, and seven years later his widow sold the chain to the Potter family.

Betwen 125 and 120 workers-half of them part-time employes-work for Jelleff's. Most of them will lose their jobs in the next months.

Potter said the stores already have begun marking down merchandise as part of the liquidation process. No formal going-out-of-business sale is planning at the present, he said, but all the merchandise and fixtures in the store will be sold.

The 12,000-square-foo store at Crystal City is operating successfully and will continue, Potter said.