Its stores, with almost 60 years of history, are a regular visit for many tourists in the Big Apple and for buyers looking for significant discounts on fashion and cosmetic items.
According to Century 21, the refusal of insurers to pay some $ 175 million, which it claimed as protection for business interruption during the pandemic, forced it to declare bankruptcy.
“While insurance money helped us rebuild after suffering the devastating impact of September 11, we now have no viable alternative but to start closing our beloved family business because our insurers have turned their backs on us at the most critical time.”the firm said in a statement.
Century 21 will close all its stores, spread over New York, New Jersey, Pennsylvania and Florida after completing a period of discounts for cessation of business in establishments and through its website.
The chain is a new victim of the crisis that arose from the pandemic, the coronavirus that hit the retail sector in the United States hard and, particularly hard, department stores and clothing stores.
Among others, they recently declared bankruptcy lThe JC Penney, J. Crew, Ann Taylor, Neiman Marcus and Brooks Brothers department stores, the oldest clothing brand in the country.
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