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Century 21 department chain files for bankruptcy

Christian Fernsby |
U.S. department store chain Century 21 said Thursday it voluntarily filed for bankruptcy and will close its in four states because of the economic downturn caused by the coronavirus.

Topics: CENTURY 21   

"The decision follows nonpayment by the Company's insurance providers of approximately $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 New York City headquartered firm said in a statement.

Century 21 co-CEO Raymond Gindi said insurance money helped the company rebuild after the Sept. 11, 2001 terror attacks, but the family business now has to file for Chapter 11 as insurers "have turned their backs on us" in a time of unforeseen circumstances.

The company said customers can continue to shop in-store and online during "going out of business" sales in New York, New Jersey, Pennsylvania and Florida.

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