Discount retailer Century 21 (Madison, N.J.) has filed for Chapter 11 protection and will close its remaining 13 stores, according to CNBC. The move reportedly comes after the retailer’s insurance company refused to pay $175 million due that would protect it from losses from coronavirus closures.
“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 co-CEO Raymond Gindi in a press release.