–
Century 21: insurances pointed out
Founded in 1961 by Al and Sonny Gindi, the famous discount store had nevertheless survived the consequences of the September 11 attacks thanks to its insurance policies. In 2020 it will be different. Since the start of the pandemic, Century 21 Department Stores LLC has claimed compensation for sudden and unforeseeable interruption of activity from its insurance companies. Unfortunately the latter did not approve the compensation of 175 million dollars requested. Like many insurance companies, the pandemic argument is put forward as being excluded from the scope of their coverage. Century 21 thus finds itself without sufficient resources to continue its operations and maintain its jobs. Century 21 Department Stores LLC has therefore just submitted an application for registration to Manhattan bankruptcy court. A liquidation procedure should follow for the 13 stores and online sales.
What face for New York?
Liquidation is going to be all of the company’s inventory, so expect to do business if you make a final visit to these stores. In New York City, the iconic chain has 5 locations in New York City (2 in Manhattan and 3 in Brooklyn). Seeing its empty buildings will certainly bring back memories for many of us. Many tourists and visitors to France passed through its doors at least once to do good business. Others stores continue to survive at all costs by negotiating their commercial leases or offering deliveries. The face of New York began to change. Real estate prices have fallen in New York City compared to last year and some companies are taking the opportunity to get into the big apple! It is to be hoped that when activity picks up again, new entrants will take advantage of these lower prices to relaunch an activity and create jobs. In the meantime, New York, which looked like a bad student at the start of the crisis, is now observing a decline of the epidemic.
Stay informed by subscribing to our newsletter
- To be informed of the evolution of sanitary conditions in New York and the tourist news of the city, subscribe to our newsletter. It’s free !
- To register, enter your e-mail address below and click on “I subscribe”:
–
