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Department Store Century 21 Will Shut Down

The New York discount chain has filed for bankruptcy, citing pandemic-related retail woes.

The New York-based discount department store Century 21 has filed for bankruptcy and will cease operations in its 13 stores, Bloomberg reports. In a statement, the chain’s Co-Chief Executive Officer Raymond Gindi called out the brand’s insurance providers, saying they did not pay the $175 million due under the company’s policies to protect losses from unforeseen business interruptions, such as the pandemic.

“While insurance money helped us to rebuild after suffering the devastating impact of 9/11, we now have no viable alternative but to begin the closure of our beloved family business because our insurers, to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time,” Gindi said.

Century 21 has sued “several of its insurance providers” for losses.