Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic.
The retailer will hold going out of business sales at its 13 stores in New York, New Jersey, Pennsylvania and Florida, according to a company statement. The company listed assets and liabilities of as much as $500 million each in its bankruptcy petition filed Thursday.
The company had “no viable alternative” to shutting down after its insurance providers failed to pay some $175 million Century 21 claims it’s owed under business interruption policies, Co-Chief Executive Officer Raymond Gindi said in the statement.
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