Discount retailer Century 21 announced on Sept. 10 it was filing for bankruptcy and would closeall 13 of stores, mostly in the northeastern US. The company blames its financial demise on its insurance, which didnt pay to insulate Century 21 from business interruptions caused by the coronavirus pandemic.
Its far from the only retailer to have suffered similar losses over the past six months. Brooks Brothers, J. Crew, JC Penney, Lord & Taylor, Muji, and Neiman Marcus are among those that declared bankruptcy as Covid-19 has transformed the industry.
And yet, Century 21 is one of the few thatsaid that it will completely shut down. The rest plan to restructure their debts, close money-losing stores, and continue operation.What determines whe…
Read the full article at: https://qz.com/1904520/why-bankruptcy-is-rarely-the-end-for-retailers-in-dire-straits/
