Off-price Retailer Century 21 To Shut Down Its 13 Stores Due To COVID-19 -- MarketWatch


2020/09/10 20:15  Dow Jones Newswires

DJ Off-price Retailer Century 21 To Shut Down Its 13 Stores Due To COVID-19 -- MarketWatch

Century 21, the off-price retailer with 13 stores in New York, New Jersey, Pennsylvania and Florida, will shut down operations due to the impact of COVID-19. The company failed to pay its insurance policies that protect against business interruption. The payments totaled about $175 million. "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," said Century 21 co-Chief Executive Raymond Gindi in a statement. Century 21 has been in business for 60 years. Going out of business sales will take place at store locations and online. The SPDR S&P Retail ETF (XRT) has gained 11% for the year to date while the S&P 500 index is up 5.2% for the period.

-Tonya Garcia

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(END) Dow Jones Newswires

September 10, 2020 08:15 ET (12:15 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.


在纽约、新泽西州、宾夕法尼亚州和佛罗里达州拥有13家门店的21世纪低价零售商,由于新冠肺炎的影响,将关闭业务。该公司没有支付防止业务中断的保险单。支付总额约为1.75亿美元。21世纪联席首席执行官雷蒙德·金迪(Raymond Gindi)在一份声明中表示:“虽然保险金帮助我们在遭受9/11毁灭性影响后进行了重建,但我们现在别无选择,只能开始关闭我们心爱的家族企业,因为我们的保险公司在这个最关键的时刻背弃了我们。”我们每年都会向保险公司支付巨额保费,以防范我们今天所经历的不可预见的情况,“21世纪联席首席执行官雷蒙德·金迪(Raymond Gindi)在一份声明中表示。21世纪已经有60年的历史了。停业销售将在商店地点和在线进行。今年到目前为止,SPDR标准普尔零售ETF(XRT)上涨了11%,而标准普尔500指数同期上涨了5.2%。

--托尼·加西亚(Tonya Garcia)






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