NEW YORK (AP) — Century 21 Shops — a destination for discount hunters shopping for fleshy deals on designer dresses and sneakers, cosmetics and housewares for nearly 60 years — has filed for Chapter 11 chapter and is winding down its replace, shutting all 13 stores across Original York, Original Jersey, Pennsylvania and Florida.
Century 21 joins more than two dozen outlets who maintain filed for chapter on fable of the pandemic, which pressured non-fundamental stores to instant stop.
In a press release, the Original York-based company acknowledged that the choice adopted nonpayment by the company’s insurance suppliers of roughly $175 million due under policies build in problem to supply protection to in opposition to losses stemming from replace interruption. That insurance money helped it rebuild its flagship store, a magnet for locals and tourists in downtown Manhattan after it used to be damaged by the 9/11 assaults, the company acknowledged.
“We now place no longer need any viable different nonetheless to open the closure of our beloved family replace on fable of our insurers, to whom we maintain got paid fundamental premiums per annum for defense in opposition to unexpected circumstances indulge in we are experiencing these days, maintain modified into their backs on us at this most serious time,” acknowledged Century 21 co-CEO Raymond Gindi in statement.
Gindi acknowledged that if Century 21 had obtained “any fundamental portion” of the insurance proceeds, it would had been in a local “to set hundreds of jobs and weather the storm in hopes of 1 other implausible recovery.”
The corporate acknowledged that it’s removing from the chapter court docket a lawsuit pending in the Supreme Court of the Insist of Original York in opposition to several of its insurance suppliers based on their failure to compensate the company for its losses under the policies. The corporate is requesting that the chapter court docket expedite the adjudication of the skedaddle well with for the serve of its stakeholders.
Century 21 says it’s starting going-out-of replace sales the least bit of its stores and on-line.