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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 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 Mall
- Morristown, 1 North Park Pl.
- Paramus, Bergen Town Center
- Elizabeth, Jersey Gardens
Others are in New York, Florida and Pennsylvania.
"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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