Business & Finance

New York's Century 21 files for bankruptcy

Century 21 has just filed for bankcuptcy, citing an ongoing battle with their insurance company and loss of revenue from the pandemic.

James Anthony The Post Millennial
Join the ranks of independent, free thinkers by supporting us today for as little as $1.
Support The Post Millennial

As the big tech tyrants tighten their grip, join us for more free speech at Parler—the anti-censorship social media platform.

Century 21, the store where New Yorkers go to get good stuff cheap, has just filed for bankruptcy, citing an ongoing battle with their insurance company and loss of revenue from the pandemic.

Century 21 had applied for government assistance as well, but no help was forthcoming, and their insurance claim has been denied by their insurer, who insisted that their policy did not cover the pandemic.

Thousands of businesses all over the country are finding themselves in similar entanglements. The legal language involved in insurance policies and their interruption of business clauses is often vague, or in the worst cases for the businesses involved, exclusionary. Many policies specifically state that losses due to viral epidemics are not covered, according to The New York Times.

Back in April, Century 21 wrote a letter to the Federal Reserve pleading their case. They were asking for amendments to the government's lending programs for themselves and other businesses in the same predicament.

They said back then that: "In stark but not unrealistic terms, the choices government makes on program eligibility will make the difference between bright, vibrant city streets and boarded up stores for the 2020 holiday shopping season."

Vincent Quan, who works at the Fashion Institute of Technology and was a former consultant for Century 21, said, "Century 21 stores represented the quintessential New York deal."

"It was the place to go for a deal on fashion merchandise and luxury goods. Locals knew it, but tourists especially knew it and what it stood for. It was known that tourists would come in with suitcases to go shopping in the store and fill them up, go on the plane and go home."

Century 21 employs nearly 4,000 people.

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial