Century 21 Department Stores LLC filed for Chapter 11 bankruptcy protection on Thursday, Sep. 10. The off-price store is the latest casualty of the toppling retail industry that continues to suffer from the coronavirus pandemic.
Century 21 plans to close all 13 of its stores in New York, New Jersey, Pennsylvania, and Florida.
The 59-year-old company has listed assets and liabilities ranging up to $500 million in the U.S. Bankruptcy Court in New York.
Insurance Company Feud
Century 21 filed for bankruptcy after its insurance providers failed to pay $175 million under business interruption policies. The policies were meant to protect the company from any unforeseeable losses.
“While insurance money helped us to rebuild after suffering the devastating impact of 9/11, we now h…