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US off-cost retail chain Century 21 Outlets recently introduced ideas to commence a wind down of its retail operations and likely out of business revenue at its thirteen shops across New York, New Jersey, Pennsylvania and Florida soon after serving prospects for nearly sixty many years. It has voluntarily filed for reduction under Chapter eleven of the US Individual bankruptcy Code in a individual bankruptcy courtroom in New York.

The choice follows non-payment by the company’s insurance policies suppliers of close to $175 million thanks under guidelines set in put to shield versus losses stemming from business interruption, these kinds of as that professional as a direct consequence of the COVID-19 pandemic, the enterprise said in a push release.

“Although insurance policies revenue served us to rebuild soon after struggling the devastating impact of 9/eleven, we now have no feasible different but to get started the closure of our beloved family business due to the fact our insurers, to whom we have paid out sizeable premiums each yr for safety versus unforeseen instances like we are experiencing nowadays, have turned their backs on us at this most important time,” said Century 21 co-main executive officer Raymond Gindi.

Fibre2Fashion News Desk (DS)

Century 21 Outlets recently introduced ideas to commence a wind down of its retail operations and likely out of business revenue at its thirteen shops across New York, New Jersey, Pennsylvania and Florida soon after serving prospects for nearly sixty many years. It has voluntarily filed for reduction under Chapter eleven of the US Individual bankruptcy Code in a individual bankruptcy courtroom in New York.