Gindi added that Century 21, like other retailers across the board, “suffered greatly due to Covid-19.” He further stated that the company “would have been able to save thousands of jobs and weather the storm” if the insurance company paid a significant portion of its claims.
Around 1,400 people will lose their jobs due to store closings.
Century 21 opened in Brooklyn in 1961. The discount retailer offers clothing, shoes, outerwear, lingerie, and a variety of accessories, including beauty products and home goods.
“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. 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,” said co-CEO IG Gindi.
Many traditional brick-and-mortar retail stores have been hit hard by the COVID-19 pandemic. There were already issues with the increase in online shopping.
