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Century 21 files for bankruptcy, to close all stores
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Discount retailer Century 21 sought Chapter 11 bankruptcy protection Thursday and plans to close all of its remaining stores.
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The decision to "wind down its retail operations" was made after the company's insurance providers failed to pay $175 million that was due under policies put in place to protect them from losses resulting from the COVID-19 pandemic.
Century 21 co-CEO Raymond Gindi said the company's insurance providers "turned their backs on us at this most critical time."
If the retailer had received the funds, Gindi said the company is "confident" it would have been able to "save thousands of jobs and weather the storm, in hopes of another incredible recovery."