After nearly 60 years, off-price retailer Century 21 Stores has filed for Chapter 11 bankruptcy protection and will liquidate all of its 13 locations.
As part of the wind-down of its retail operations, Century 21 will hold going out of business sales at all of its stores. The company has locations in New York, New Jersey, Pennsylvania, and Florida.
Century 21, which opened its doors in 1961 in Downtown Manhattan, where it is still headquartered, sells designer brand apparel and accessories as well as beauty and home goods items at a discounted price.
During the going out of business sale, shoppers can expect big deals on merchandise as Century 21 said “even deeper discounts” are being offered in-store and online. Customers are urged to shop now to get the best selection.
Century 21 made the decision to file for Chapter 11 and close down its operations after about $175 million in losses mounted from the coronavirus pandemic and was allegedly not paid by its insurance providers.
Century 21, like many retailers, had closed all of its stores in March due to the coronavirus pandemic. All stores have since been reopened, but the impact of the pandemic was too much for the retailer to take on, causing it to close its doors for good.
The company joins several other retailers that have filed for bankruptcy during the pandemic, including JC Penney, Neiman Marcus, J. Crew, Brooks Brothers, Tuesday Morning, RTW Retailwinds, Ascena Retail Group, Lucky Brand, and Stein Mart, among others.
“While we wish that Century 21 could continue to be a must-see shopping destination for so many, we are proud of the pioneering role it has played in off-price retail and the iconic brand it has become,” Century 21 Co-CEO IG Gindi, said in a statement. “It has been a true honor for us to be part of the vibrant New York City fashion scene and to serve millions of locals, tourists, and celebrities, side by side.”