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Century 21 Files For Bankruptcy, Closing All 13 Stores Century 21 Files For Bankruptcy, Closing All 13 Stores
Century 21 Files For Bankruptcy, Closing All 13 Stores Liquidation sales are under way at all Century 21 stores after the company announced Thursday it filed for Chapter 11 bankruptcy protection. The impetus was a non-payment of approximately $175 million declined by the company's insurance provider as a direct result of losses during the COVID-19 pandemic, the off-price retail company said in a press release. In business for more than 60 years, Century 21 was left with "no viable alternative" to closing all 13 stores the company's co-CEO Raymond Gindi said.  Century 21 has four New Jersey locations: East Rutherford, American Dream…

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by Cecilia Levine
Business
NJ Mayors Want Murphy To Reopen Indoor Malls, Shopping Centers NJ Mayors Want Murphy To Reopen Indoor Malls, Shopping Centers
NJ Mayors Want Murphy To Reopen Indoor Malls, Shopping Centers A group of New Jersey mayors have formed a coalition in hopes of persuading Gov. Phil Murphy to reopen indoor malls. Woodbridge Mayor John E. McCormac is helming the coalition of mayors, all of whom have large indoor mall and shopping centers in their municipalities.  All New Jersey malls and shopping centers closed on March 17 due to the coronavirus outbreak. On May 18, the state allowed non-essential retail stores to offer curbside pickup. As the state begins to enter stage two of the multi-phase reopening plan on June 15, Murphy has said stores in the mall with direct access …

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by Jon Craig
Business
Forever 21 To File For Bankruptcy Forever 21 To File For Bankruptcy
Forever 21 To File For Bankruptcy Fast fashion retailer Forever 21 announced it will be filing for bankruptcy Sunday. Headquartered in California, the company will close nearly 350 stores internationally, including 178 in the U.S. "The bankruptcy is a blow to a company that prided itself on embodying the American dream, as well as a reminder of how quickly the retail landscape is transforming," the New York Times reports.  Forever 21 was most successful in the early 2000s, selling clothing that replicated designer looks for "rock-bottom prices," The Times said. A staple at large shopping malls, Forever 21 has stores …

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by Cecilia Levine