Century 21, New Yorks famed discount department store, has declared bankruptcy and will likely close all of its stores.
According to a report byBloomberg, the company announced its fate after insurance providers refused to pay approximately $175 million USD in claims under business interruption policies, coverage retailers have sought to offset losses caused by the coronavirus pandemic. While retailers across the board have suffered greatly due to COVID-19, and Century 21 is no exception, 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, CEO Raymond Gindi said in a statement.
The shuttering of Century 21s original Brooklyn loc…
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