Title: Discount retailer Century 21 files for bankruptcy, to close all stores
Headings: Discount retailer Century 21 files for Chapter 11 bankruptcy and is closing all of its 13 stores
Discount retailer Century 21 files for Chapter 11 bankruptcy and is closing all of its 13 stores
Key Points
A shopper walks past Century 21 department store signage displayed at City Point in the Brooklyn borough of New York, U.S., on Wednesday, July 19, 2017.

Content: Discount retailer Century 21 files for bankruptcy, to close all stores
Retail
Discount retailer Century 21 files for Chapter 11 bankruptcy and is closing all of its 13 stores
Published Thu, Sep 10 20209:20 AM EDT Updated Thu, Sep 10 202010:41 AM EDT
Lauren Thomas @laurenthomas
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Key Points
Century 21 has filed for Chapter 11 bankruptcy protection. It is liquidating its remaining 13 stores. It said the decision stemmed from its insurance providers declining to pay roughly $175 million due in policies to protect Century 21 from the losses it has suffered throughout the coronavirus pandemic. A shopper walks past Century 21 department store signage displayed at City Point in the Brooklyn borough of New York, U.S., on Wednesday, July 19, 2017. Mark Kauzlarich | Bloomberg | Getty Images
The discount department store chain Century 21 has filed for Chapter 11 bankruptcy protection and is closing all of its remaining 13 stores, it announced Thursday, joining the dozens of other retailers that have been pushed to the brink during the coronavirus pandemic. It said the decision stemmed from its insurance providers declining to pay roughly $175 million due in policies to protect Century 21 from the losses it has suffered throughout the coronavirus pandemic . “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 retailer’s co-CEO, Raymond Gindi, said in a press release . The company added it will be removing to the bankruptcy court a lawsuit currently pending in New York against several of its insurance providers for failing to compensate the company for its losses. The American Property Casualty Insurance Association has said that pandemic outbreaks are “uninsurable.” Insurance regulators approved exceptions for viruses after the SARS outbreak.