Century 21, the discount designer department store, plans to close all 13 of its stores across New York, New Jersey, Pennsylvania, and Florida, including the one in Lincoln Square on West 66th Street and Broadway.
The 60-year-old chain has filed for bankruptcy, stating that the pandemic plus the failure of its insurance companies to pay any of the claims related to it, pushed the company over the edge. Century 21 is currently suing several of its insurance providers. They released the following statement:
“While insurance money helped us to rebuild after suffering the devastating impact of 9/11, we now have no viable alternative but to begin the closure of our beloved family business because our insurers, to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time,” said Century 21 co-CEO Raymond Gindi. “While retailers across the board have suffered greatly due to COVID-19, and Century 21 is no exception, we are confident that had we received any meaningful portion of the insurance proceeds, we would have been able to save thousands of jobs and weather the storm, in hopes of another incredible recovery.”
(Co-CEOs) Raymond and IG Gindi concluded, “From the bottom of our hearts, we thank all of our dedicated and hardworking team members for their countless contributions, including continuing to give 100% throughout this pandemic to take care of our customers and each other. We will be forever grateful for the vital role they played in building the Century 21 legacy hand in hand with our family. Together, we hope we can help our loyal customers create some final memorable Century Stories.”
Century 21 stores are currently open to serve customers. The Company is commencing going out of business sales at all of its locations and at c21stores.com. Shoppers will be able to take advantage of even deeper discounts on the designer brands they love throughout the stores and, for a limited time, online. Customers are encouraged to shop now while merchandise selection is best. The Company will continue to take necessary precautions to keep its stores safe for customers and employees.Source: https://www.westsiderag.com/2020/09/10/century-21-closing-all-its-stores-after-60-years-insurers-turned-their-backs-on-us-they-claim