Century 21 plots comeback after bankruptcy, plans international reopening
The New York City-based discount retailer will open a store in South Korea before reopening in the Big Apple
Lebenthal Global Advisors President & CEO Dominick Tavella discusses his outlook for the retail sector.
Discount department store Century 21 is plotting a comeback.
The New York City-based retailer, known for its designer deals on Chanel, Prada and Valentino, is relaunching this year after going bankrupt in 2020 and liquidating its stores, in part as a result of the coronavirus pandemic.
The first store to reopen, meanwhile, will be overseas.
After filing for bankruptcy last year, Century 21 is opening a store in Korea with more locations to come. (Sam Aronov/Pacific Press/LightRocket via Getty Images)
The Gindi family, owners of the store for 60 years, bought back the intellectual property of the Century 21 brand, which had 13 store locations in New York, New Jersey, Pennsylvania and Florida. The store will continue operate as a family-run business, Century 21 said.
The first store to reopen, meanwhile, will be located in South Korea, a move the company says was in place before the pandemic. The retailer will launch in the city of Busan this summer, whileeying a relaunch in the U.S., starting with New York. Details are slated to be announced in the coming weeks.
CENTURY 21 FILES FOR BANKRUPTCY, TO CLOSE ALL STORES
Century 21 hired Marc Benitez, a former executive at Coach and Kenneth Cole, as president of the retailer.
"Re-opening in the U.S. is a part of our strategic relaunch plans," Benitez told Fox Business in an emailed statement. "Century 21 remains a beacon of hope for retailers and New Yorkers alike as perseverance is in our DNA. We have received an outpouring of love and support from fans across Manhattan and the Tri-State Area and we hope to be able to serve those loyal fans soon."
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Century 21 in September filed for Chapter 11 bankruptcy protection after the company’s insurance providers could not pay the $175 million owed to cover their losses from the pandemic. During that time, co-CEO Raymond Gindi said Century 21's insurance providers "turned their backs on us at this most critical time."
Daniella Genovese contributed to this report.