New York: Century 21 store chain announces bankruptcy

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Century 21: insurances pointed out

Founded in 1961 by Al and Sonny Gindi, the famous Century 21 discount store had nevertheless survived the aftermath of the September 11, 2001 attacks thanks to its assurances. In 2020, it will be different.
Since the onset of the coronavirus pandemic, Century 21 Department Stores LLC has requested the payment of compensation for sudden and unforeseeable business interruption 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 now 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 the Manhattan bankruptcy court. A liquidation procedure should follow for the 13 stores and online sales. The chain will announce the closing dates for each of its stores. Century 21 also encourages its customers to come and shop as early as possible to benefit from even more advantageous discounts than before.

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.
The rest of New York’s stores continue to survive at all costs by negotiating their commercial leases or offering door-to-door deliveries. The face of New York began to change. Real estate prices have fallen in New York City compared to last year and some businesses 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 at the start of the crisis looked like a bad student, is now observing a decline in the epidemic.

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