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Century 21 Stores to commence closure of retail ops
12 Sep '20
1 min read
Pic: Shutterstock
US off-price retail chain Century 21 Stores recently announced plans to commence a wind down of its retail operations and going out of business sales at its 13 stores across New York, New Jersey, Pennsylvania and Florida after serving customers for nearly 60 years. It has voluntarily filed for relief under Chapter 11 of the US Bankruptcy Code in a bankruptcy court in New York.
The decision follows non-payment by the company's insurance providers of approximately $175 million due under policies put in place to protect against losses stemming from business interruption, such as that experienced as a direct result of the COVID-19 pandemic, the company said in a press release.
"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-chief executive officer Raymond Gindi.
The decision follows non-payment by the company's insurance providers of approximately $175 million due under policies put in place to protect against losses stemming from business interruption, such as that experienced as a direct result of the COVID-19 pandemic, the company said in a press release.
"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-chief executive officer Raymond Gindi.
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