Retail News

Century 21 is going out of business

Bloomberg/Yahoo Finance 09/10/2020

Century 21, the off-price department store chain with 13 locations in Florida, New Jersey, New York and Pennsylvania, has filed for bankruptcy and plans to liquidate its business after insurance providers failed to pay the retailers $175 million in claims it made in connection with the coronavirus pandemic. “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,” said Co-CEO Raymond Gindi in a statement.

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