Discount Designer Store Closing All NY Locations After 60 Years
A bargain hunters paradise in New York is closing all of its stores, including one in the Lower Hudson Valley, after 60 years in business. Going out of business sales start now.
On Thursday, Century 21 Stores announced plans to close all of its 13 stores across New York, New Jersey, Pennsylvania, and Florida after serving customers for nearly 60 years.
"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," Century 21 co-CEO Raymond Gindi said in a statement. "While retailers across the board have suffered greatly due to COVID-19, and Century 21 is no exception, we are confident that had we received any meaningful portion of the insurance proceeds, we would have been able to save thousands of jobs and weather the storm, in hopes of another incredible recovery."
The decision follows nonpayment by the Company's insurance providers of approximately $175 million due to policies put in place to protect against losses stemming from business interruption such as that experienced as a direct result of the COVID-19 pandemic, officials say.
"Since 1961, when Al and Sonny Gindi opened what was then a small store in Downtown Manhattan, we have been proud to provide shoppers with unmatched access to designer brands at amazing prices," Gindi said. "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. From the bottom of our hearts, we thank all of our dedicated and hardworking team members for their countless contributions, including continuing to give 100% throughout this pandemic to take care of our customers and each other. We will be forever grateful for the vital role they played in building the Century 21 legacy hand in hand with our family. Together, we hope we can help our loyal customers create some final memorable Century Stories."
All Century 21 stores currently open to serve customers with going out of business sales starting now.
"Shoppers will be able to take advantage of even deeper discounts on the designer brands they love throughout the stores and, for a limited time, online. Customers are encouraged to shop now while merchandise selection is best," the company said in a press release.
Century 21 Stores has a number of locations in New York, including one in Yonkers.