As New York fights to return, Century 21 will be coming back too! The discount retailer announced on their home page that the iconic brand will be back on the streets of the city this year.
Century 21 filed for Chapter 11 bankruptcy protection in September and liquidated its 13 stores in New York and around the country.
Now the company says: “The story continues… Never count out a New Yorker.” They could not confirm a date for the relaunch but said they would be back in 2021.
The Gindis, the family behind Century 21 for 60 years, bought back the intellectual property of the Century 21 brand. They said in their statement: “This will ensure that Century 21 Stores will continue to be a family-run business with a name synonymous with value and luxury.”
The company blamed the bankruptcy on its insurers’ decision not to pay $175 million due in policies to protect Century 21 from the losses it suffered from the pandemic. At the time, CEO Raymond Gindi said: “While insurance money helped us to rebuild after suffering the devastating impact of 9/11, we now have no viable alternative but to begin the closure of our beloved family business — because our insurers, to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time.”
The New York City-based retailer’s closure was a huge loss to the city’s bargain shoppers. Century 21 offered deals on brands like Chanel, Calvin Klein, Vera Wang, Ralph Lauren, Valentino, and Prada. Fox Business reported that the first store to open will be in Busan, South Korea (a deal struck before the pandemic). The initial US store will be in New York.
Century 21 hired Marc Benitez, a former executive at Kenneth Cole and Coach, as president of the retailer in January, but stressed it will remain a family-run business.
“Re-opening in the U.S. is a part of our strategic relaunch plans,” Benitez told Fox Business. “Century 21 remains a beacon of hope for retailers and New Yorkers alike, as perseverance is in our DNA. We have received an outpouring of love and support from fans across Manhattan and the Tri-State Area, and we hope to be able to serve those loyal fans soon.”