Century 21 Files for Bankruptcy to Close All 13 Stores
- 4 years ago
NewNews
Century 21, where generations of New Yorkers shopped for deep discounts on everything from Prada handbags to Jerry Garcia ties, filed for bankruptcy, the latest retailer to fall victim to disruptions caused by the coronavirus pandemic. Century 21 Department Stores LLC said Thursday that it is closing all 13 of its department stores and that it plans to liquidate its assets under chapter 11 protection in U. S. Bankruptcy Court in New York. In recent years, Century 21 expanded beyond its roots in New York City to open stores in New Jersey, Pennsylvania and Florida. Going-out-of-business sales are set to start soon. The company blamed the bankruptcy filing on its insurance providers’ decision to not pay about $175 million it said it should have received under policies to protect against business disruptions amid the coronavirus pandemic. Insurers that have received coronavirus-related claims have argued that most policies have exceptions for viruses, and courts have generally agreed. Century 21 joins a growing list of department-store chains and apparel sellers that have filed for bankruptcy protection this year, their finances strained by temporary store closures due to the coronavirus pandemic as well as an accelerated shift to online shopping. Discounters including Stein Mart Inc.
All data is taken from the source: http://wsj.com
Article Link: https://www.wsj.com/articles/century-21-stores-files-for-bankruptcy-to-close-all-13-stores-11599742197
Century 21, where generations of New Yorkers shopped for deep discounts on everything from Prada handbags to Jerry Garcia ties, filed for bankruptcy, the latest retailer to fall victim to disruptions caused by the coronavirus pandemic. Century 21 Department Stores LLC said Thursday that it is closing all 13 of its department stores and that it plans to liquidate its assets under chapter 11 protection in U. S. Bankruptcy Court in New York. In recent years, Century 21 expanded beyond its roots in New York City to open stores in New Jersey, Pennsylvania and Florida. Going-out-of-business sales are set to start soon. The company blamed the bankruptcy filing on its insurance providers’ decision to not pay about $175 million it said it should have received under policies to protect against business disruptions amid the coronavirus pandemic. Insurers that have received coronavirus-related claims have argued that most policies have exceptions for viruses, and courts have generally agreed. Century 21 joins a growing list of department-store chains and apparel sellers that have filed for bankruptcy protection this year, their finances strained by temporary store closures due to the coronavirus pandemic as well as an accelerated shift to online shopping. Discounters including Stein Mart Inc.
All data is taken from the source: http://wsj.com
Article Link: https://www.wsj.com/articles/century-21-stores-files-for-bankruptcy-to-close-all-13-stores-11599742197