MORRISTOWN, NJ - Century 21 Department Store, located on the Morristown Green will be closing their doors, announced the company in a press release. Thirteen stores across New York, New Jersey, Pennsylvania and Florida will go out of business after 60 years. Prior to Century 21, the location was home to Macy's
The plan to shut down all 13 stores comes after the nonpayment by the Company's insurance providers of approximately $175 million due under 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, the announcement read.
"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," said Century 21 co-CEO Raymond Gindi. "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."
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," said Century 21 co-CEO IG Gindi. "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."
Century 21 stores are currently open to serve customers and are commencing going out of business sales at all of its locations, including Morristown.
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