Iconic NY chain to shutter – sues insurers

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Legendary NY chain to shutter– takes legal action against insurance firms

A prominent New york city discount rate style chain is the most up to date company suing its insurance firm for rejected company disturbance insurance claims– yet not prior to the shop chain itself declared personal bankruptcy.

Shop chain Century 21 revealed in a launch that it would certainly fold its 13 shops throughout New york city, New Jacket, Pennsylvania, as well as Florida after virtually 60 years of company; the choice to shut complies with nonpayment from Century 21’s insurance firms. According to the shop chain, its insurance firms stopped working to pay regarding $175 million in spite of the “policies put in place to protect against losses stemming from business interruption, such as that experienced as a direct result of 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,” claimed Century co-CEO Raymond Gindi in a declaration.

Gindi included that had Century 21 obtained any kind of section of the insurance coverage continues, the shop would certainly have had the ability to conserve hundreds of work.

The New York City Times reported that the chain has regarding 4,000 workers, as well as generated some $750 million in sales in 2014.

Century 21 disclosed in its launch that it had actually willingly declared alleviation under Phase 11 of the United States Personal Bankruptcy Code in the USA Personal Bankruptcy Court for the Southern Area of New York City. The firm is likewise relocating a suit pending in New york city State Court, submitted versus eleven of Century 21’s insurance coverage carriers, to Insolvency Court.

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