Century 21 files for bankruptcy, will shut down

[NEW YORK] Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy Thursday with plans to shut down, adding to the retail industry carnage exacerbated by the pandemic.

The retailer will hold going out of business sales at its 13 stores in New York, New Jersey, Pennsylvania, and Florida, according to a company statement. The company listed assets and liabilities of as much as US$500 million each in its bankruptcy petition.

"The decision follows nonpayment by the company's insurance providers of approximately US$175 million due under policies put in place to protect against losses stemming from business interruption such as that experienced as a direct result of the Covid-19 pandemic," the company said in the statement.

BLOOMBERG