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Century 21 files for bankruptcy and will close all of its stores
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Century 21 files for bankruptcy and will close all of its stores

New York department store chain Century 21 filed for bankruptcy Thursday and said it will shut down its business.

Business

New York department store chain Century 21 filed for bankruptcy Thursday and said it will shut down its business.

Century 21 has 13 stores mostly in New York City and the surrounding metropolitan area. As of Thursday, it had 1,400 employees. The company blamed the lack of payment on its business interruption insurance as the cause of its demise.

Department store chains large and small were struggling even before the Covid-19 pandemic caused stores to shut temporarily and shift more purchases online. Stores that depended on clothing sales, such as Century 21, have been hit particularly hard as millions of people are out of work and millions more are working from home and not needing to buy as many dress clothes.

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Larger, national department store chains, such as JCPenney, Neiman Marcus and Lord & Taylor have filed for bankruptcy during the pandemic, with Lord & Taylor announcing its own plans to shutdown.

Tags: Century 21, bankruptcy, shut down