Century 21 has announced that it will be closing all 13 of its retail stores, including the store on 66th and Broadway, citing the last straw as a nonpayment of approximately $175 million by the company’s insurance providers. The company has filed for Chapter 11 Bankruptcy to end things efficiently and to maximize the value of its assets for the benefit of stakeholders.
Century 21 co-CEO Raymond Gindi released the following statement:
“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. 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.”
Century 21 co-CEO IG Gindi also released a statement:
“Since 1961, when Al and Sonny Gindi opened what was then a small store in Downtown Manhattan, we have been proud to provide shoppers with unmatched access to designer brands at amazing prices. While we wish that Century 21 could continue to be a must-see shopping destination for so many, we are proud of the pioneering role it has played in off-price retail and the iconic brand it has become. It has been a true honor for us to be part of the vibrant New York City fashion scene and to serve millions of locals, tourists, and celebrities, side by side.”
Century 21 stores are currently open and going-out-of-business sales are set to begin at all locations soon, as well as through c21stores.com.
Century 21’s Upper West Side store is located at 1972 Broadway (66th Street), and can be reached at (212) 518-2121.
Featured images via Google Street View