Century 21 Files for Bankruptcy and Shuts Down All Its Stores

After being refused a payout from its insurance company.

By
Fashion 
20,363 Hypes 8 Comments

The economic turmoil experienced as a result of the ongoing coronavirus pandemic has yet again claimed another victim, this time hitting the discount retail department store chain Century 21. The company, which currently has 1,400 employees, has declared bankruptcy and will be closing all 13 of its stores, most of which are located in New York City. While business has been rough, the company says that the final straw was being denied a $175 million USD payment under its business interruption insurance to cover its losses during this COVID-19 period.

“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 the retailer’s co-CEO Raymond Gindi. “While retailers across the board have suffered greatly due to COVID-19 … 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.”

For more business-related news, J.Crew has successfully emerged from Chapter 11 bankruptcy.

Read Full Article

What to Read Next

The Morning Machine Lets You Brew Instant Coffee Like a Barista
Design

The Morning Machine Lets You Brew Instant Coffee Like a Barista

The world’s first capsule coffee machine allowing custom settings.

STUDIOUS and MADNESS Reconnect For Second Exclusive Release
Fashion

STUDIOUS and MADNESS Reconnect For Second Exclusive Release

Marking the grand opening of STUDIOUS TOKYO Beijing.

Neymar Jr. Leaves Nike for PUMA
Sports

Neymar Jr. Leaves Nike for PUMA

“I want to do it my way.”


Seiko's Latest Astron GPS Solar Celebrates Its Founder's 160th Birthday
Fashion

Seiko's Latest Astron GPS Solar Celebrates Its Founder's 160th Birthday

A limited edition titanium timepiece.

Naomi Osaka Wins Her Second U.S. Open in Comeback Victory
Sports

Naomi Osaka Wins Her Second U.S. Open in Comeback Victory

Her third Grand Slam title at just 22.

London's Ace Hotel Shorditch is Closing Its Doors After Seven Years
Travel

London's Ace Hotel Shorditch is Closing Its Doors After Seven Years

Once a hub for designers, artists, and other creatives.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.