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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 company said in a press release.
The off-price retail store in business for more than 60 years was left with "no viable alternative" to closing," the company's co-CEO Raymond Gindi said.
"While retailers across the board have suffered greatly due to COVID-19, and Century 21 is no exception," he said, "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."
Century 21 will be removing a lawsuit pending in New York against a handful of insurance providers who apparently failed to compensate for its losses.
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