Retail
Department Store Century 21 Files Bankruptcy, Will Shut Down
- The chain will close its 13 stores in the eastern U.S.
- Off-price retailer blames shutdown on lack of insurance payout
Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic. Nearly 1,400 jobs are at risk.
The retailer will hold going out of business sales at its 13 stores in New York, New Jersey, Pennsylvania and Florida, according to a company statement. The company listed assets and liabilities of as much as $500 million each in its bankruptcy petition filed Thursday.