After 60 years, Low cost retailer Century 21 joins the rising record of retail shops to file for chapter throughout COVID-19. Referred to as “New York’s Finest Stored Secret”, the retailer identified for its discounted designer items might be going out of enterprise and shutting all 13 of its shops positioned in New York, New Jersey, Pennsylvania and Florida.
In a press launch, the corporate’s resolution to shut stems from “nonpayment by the Firm’s insurance coverage suppliers of roughly $175 million due below insurance policies put in place to guard in opposition to losses stemming from enterprise interruption comparable to that skilled as a direct results of the COVID-19 pandemic.” In which means, there was a failure in cost of $175 million by the corporate’s insurance coverage suppliers which was meant to assist Century 21 in recovering from the September 11th assaults in 2001. In the end, Century 21 made the powerful resolution to file for Chapter 11 Chapter to make sure an “orderly wind down”.
Century 21 CEO Raymond Gindi and co-CEO IG Gindi expressed, “From the underside of our hearts, we thank all of our devoted and hardworking group members for his or her numerous contributions, together with persevering with to offer 100% all through this pandemic to maintain our clients and one another. We might be without end grateful for the important function they performed in constructing the Century 21 legacy hand in hand with our household. Collectively, we hope we may help our loyal clients create some ultimate memorable Century Tales.“
Century 21 is present open and planning its going-out-business gross sales each in-store and on-line.