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Bargain chain Century 21 to shut down after nearly 60 years

Bargain chain Century 21 to shut down after nearly 60 years
Posted at 7:21 AM, Sep 10, 2020
and last updated 2020-09-10 10:22:33-04

NEW YORK (AP) — Century 21 Stores, a destination for bargain hunters looking for fat deals on designer dresses and shoes for nearly 60 years, has filed for Chapter 11 bankruptcy.

The retail chain says it’s winding down its business, including all 13 stores across New York, New Jersey, Pennsylvania and Florida.

Century 21 joins more than two dozen retailers who have filed for bankruptcy since the pandemic which forced non-essential stores to temporarily close.

Century 21 said that the decision followed nonpayment by the company’s insurance providers of about $175 million due under policies put in place to protect against losses stemming from business interruption.

That insurance money helped it rebuild its downtown Manhattan flagship store after it was damaged by the 9/11 attacks.