CENTURY 21 CLOSES ITS DOORS
A staple for 50 years
Century 21’s first branch opened in 1961 in Brooklyn, so anyone who has visited New York in the past 50 years has probably paid it a visit. The shopping paradise will be missed by many tourists and New Yorkers.
Century 21 in New York is one of the latest economic victims of the COVID-19 pandemic in New York. Of course, Century 21 has seen its income drop significantly in the past six months. Therefore, it’s on the brink of bankruptcy.
Everthing must go
The retail chain, which sells major brand clothing at outlet prices, consists of 15 stores, five of which are located in New York City. Four branches have now been closed, and the others are holding ‘everything must go’ sales.
$42 million in debt
There seems to be a small chance of a restart. But given that there is currently a total outstanding debt of about $ 42 million, of which more than 4.7 million with Tommy Hilfiger, 1.2 million with Adidas and 1 million with Michael Kors, this opportunity seems unlikely.