Kekst CNC handles Century 21 Stores, which bills itself as a New York icon and pioneer of off-price retail, as it files for Chapter 11 and plans to close its 13 stores due to a dispute with its insurance companies.
Century 21 Co-CEO Raymond Gindi claims insurers failed to pay $175M under policies to protect against losses due to business interruption, such as shutdowns triggered by the COVID-19 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," said Gindi in a statement.
Noting that retailers across the country have suffered due to COVID-19, Gindi said had Century 21 "received any meaningful portion of the insurance proceeds, we would have been able to save thousands of jobs and weather the storm, in hopes of another incredible recovery."
Kekst CNC's Sherri Toub and Wendi Kopsick handle the Century 21 business.