You can add another name to the coronavirus-driven pile of businesses biting the dust. On Thursday, off-price retailer Century 21 Stores announced plans to start a sell-off of its current inventory followed by the closure of its 13 stores in Florida, New Jersey, New York, and Pennsylvania.
Rebounding from 9/11 was easier than the pandemic
The decision follows nonpayment of policies by the company’s insurers that had been put in place to protect against losses stemming from business interruption during the COVID-19 pandemic.
"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," said Century 21 co-CEO Raymond Gindi.
"While retailers across the board have suffered greatly due to COVID-19, and Century 21 is no exception, we are confident that had we received any meaningful portion of the insurance proceeds, we would have been able to save thousands of jobs and weather the storm, in hopes of another incredible recovery."
Things like bankruptcies and business closings take time. In its announcement, the company said that shoppers will be able to take advantage of even deeper discounts throughout the stores and, for a limited time, online at c21stores.com.
For Century 21 devotees, the company has put together a list of FAQs to help answer questions pertaining to sales, payments, rewards programs, and more.