Century 21 Files for Bankruptcy
It is evident more than ever that COVID has greatly affected the businesses. Last Thursday, off-price retailer Century 21 filed for bankruptcy. They are now selling off their inventory, aside from the closure of its 13 stores in Florida, New Jersey, New York, and Pennsylvania.
Bouncing Back is Tough
The company decided to file for bankruptcy because the company’s insurers failed to pay policies. When in fact, these insurers should have protected the business against losses because of the business interruption during the COVID-19 pandemic.
“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,” Century 21 co-CEO Raymond Gindi stated.
“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.”
Hurry! Bargains Are Still Available
After announcing bankruptcy, the company said that for a limited time, consumers can enjoy even deeper discounts throughout the stores and online at c21stores.com.
Editor’s note on the Century 21 Bankruptcy:
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