The legendary New York-based retailer, which filed for bankruptcy last year, is now ready to relaunch outside of the US, instead targeting the Asia market.
Century 21 declared bankruptcy last September following a huge plunge in sales as a result of the global Coronavirus pandemic. As a result of this, the brand liquidated its remaining 13 stores. However, the Gindi family, which owned and operated the brand for more than 60 years, purchased back the intellectual property of the brand and now plans to relaunch both stores and its e-commerce site, in a new market.
Korea will soon welcome an all-new 100,000sq ft store in Busan, set to open in early summer of this year. Should this launch be successful, the brand will then look to relaunch in other key markets, including New York.
Retail veteran, Marc Benitez, has been named President of the newly relaunched brand and will oversee Century 21’s relaunch and expansion. He comments: “I have always admired Century 21 and the values upon which it was founded and continue to guide it today. Rejoining at this stage and being a part of the future expansion with the Gindis is a humbling opportunity for which I am grateful.”
