Century 21 files for bankruptcy and will close all its stores

Century 21 department store chain files for bankruptcy after nearly 60 years The company announced that it will close its 13 stores that ...

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  • Century 21 department store chain files for bankruptcy after nearly 60 years
  • The company announced that it will close its 13 stores that are located mainly in New York
  • “They have turned their backs on us at the most critical moment,” Century 21 said referring to its insurance

The department store Century 21 announced on Thursday that it is declaring bankruptcy and that it will close the 13 stores it has, adding to a long list of retailers that have been forced into bankruptcy during the pandemic, according to the Efe agency.

Its stores, with almost 60 years of history and very popular in the New York area, are a regular stop for many tourists visiting the Big Apple and for shoppers looking for significant discounts on fashion and cosmetic items.

According to Century 21, the refusal of insurers to pay about $ 175 million that it believes was its due in terms of protection from business interruption during the pandemic has forced it to declare bankruptcy.

Century 21 files for bankruptcy and will close all its stores

Photo: Twitter.

“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 back on us at the time. more critical, “CEO Raymond Gindi said in a statement.

Century 21 will close all of its stores, spread across New York, New Jersey, Pennsylvania and Florida.

The company announced that the total closure will take place after completing a period of discounts for cessation of business in the establishments and through its website.

The chain is a new victim of the COVID-19 pandemic, which has hit the US retail sector hard and, particularly hard, the well-known department stores and clothing stores in the country.

Among others, J. Crew, Ann Taylor, Neiman Marcus, Brooks Brothers -the oldest clothing brand in the country- and department stores JC Penney.

Century 21 files for bankruptcy and will close all its stores

Photo: Twitter.

On the other hand, Payless, the discount shoe retailer, announced the opening of a store in Miami, Florida for the month of November after filing for bankruptcy last year, according to CNN Business.

After filing for bankruptcy for the second time and closing its 2,100 stores located in the United States and Canada including ceasing operations through its website, Payless plans to come back stronger than ever.

In 2019, Payless laid off more than 16,000 employees.

The famous company that sells dress shoes, boots and sneakers at competitive prices, many for less than $ 10, indicated that despite the economic crisis generated by the pandemic, it considered it was the perfect opportunity to return and provide an economic option to consumers who are now more budget conscious.

Filed Under: Century 21 Files for Bankruptcy

“We are fully aware that we are relaunching at a time when many have lost their jobs, finances are tight and parents across the country are adjusting to working from home, facilitating home schooling for their children,” he said. Jared Margolis, CEO of the company in a press release.

“We saw an opportunity for the brand to re-launch itself in the US market … at a time when product value couldn’t be more critical,” he added.

The retailer announced on Tuesday that it will open its first store in November in Miami, where Payless will be headquartered, and also indicated that it plans to open 300 to 400 independent stores across the country in the next three to five years.

Filed Under: Century 21 Files for Bankruptcy

Payless said that by early 2021 it plans to open between 30 and 45 stores in Texas and other border states.

The discount footwear retailer assured that its stores will have a modern and “updated” look, which will include smart mirrors, wall panels with touch screens and virtual reality technology to compare shoes, something unique in the sector.

Since Tuesday, August 18, Payless began its sales through its website where in addition to selling the usual brands, it added new proposals such as Aerosoles and Kendall + Kylie. Similarly, the company will also sell clothing.

On the other hand, Payless reported that it removed “Shoesource” from its name.

Filed Under: Century 21 Files for Bankruptcy

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Filed Under: Century 21 Files for Bankruptcy

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