Title: Fashion retailer Century 21 files for bankruptcy, to shut all stores
Headings: Fashion retailer Century 21 files for bankruptcy, to shut all stores
Fashion retailer Century 21 files for bankruptcy, to shut all stores
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Content: But the business was facing pressure even before the bankruptcy, according to a court document. Century 21 had “challenges over the past several years” because of declining foot traffic at its stores, particularly its downtown Manhattan flagship, which has seen fewer tourists in recent years, chief financial officer Norman Veit wrote in a filing. The company was considering a “strategic transaction” at the beginning of the year to restructure the company’s operations and finances, Veit said. The discounter — which had revenues of $747 million in 2019 — defaulted on a bank facility in June and landlords started to get more aggressive about evicting Century 21, which had not paid its rents from April through August, according to Veit’s filing. “The real problem is that the stores have been closed and there have been no sales,” said bankruptcy attorney Kenneth Rosen. “ People go to Century 21 to pick through the racks of clothing – and you cannot do that online — which makes it very difficult to have a big e-commerce business.” Century 21 is the latest iconic retailer to succumb to bankruptcy as the coronavirus continues to force lockdowns nationwide. Other recent Chapter 11 casualties have included JC Penney, Pier 1 Imports, Modell’s, Neiman Marcus, J.Crew and Brooks Brothers. Filed under bankruptcy , century 21 , Fashion , retailers , 9/10/20
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