The off-price retailer known for its heavily discounted designer items will be liquidating the remainder of its stores.
Joining a number of other American brands that have recently filed for bankruptcy including Lord & Taylot, Neiman Marcus and the recently rescued JC Penney, the nearly sixty year old retailer, Century 21 has too been hard hit by a lack of footfall and rapid decline of revenue as a result of the ongoing global pandemic, resulting in their insurance provider failing to make a necessary payment of roughly $175M.
“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.” commented Raymond Gindi, Co-CEO of the brand.
This sadly results in the retailer announcing that they will be commencing their going-out-of-business sales at all of its locations.
