Two Years After Filing for Bankruptcy, Century 21 Will Reopen Its NYC Flagship Store Next Year
Century 21 is making a comeback.
The New York City-based off-price retailer said that it will be reopening its longtime Cortlandt Street flagship store in downtown Manhattan next spring.
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According to a release sent by the retailer, Century 21 has teamed up with premium experiences company Legends to introduce a “revitalized shopping experience” in-store and online.
This partnership will introduce a “more streamlined customer shopping experience through in-store upgrades and an elevated, e-commerce presence, which will debut at the same time the brick-and-mortar store opens its doors,” the retailer stated.
The reopened Cortlandt Street location will span the four main floors of the original downtown space and will offer men’s, women’s and children’s designer apparel, footwear, outerwear, handbags, accessories, and fragrances.
“Century 21 is, and always will be, a New York City brand,” Raymond Gindi, Century 21’s co-CEO, said in a statement. “Our flagship store has been a long-time symbol of this city’s resilience and unwavering spirit. In our 60-year history we have only closed our doors twice, once after the devastation of 9/11 and then again during the COVID-19 pandemic. But like the true New Yorkers we are, we have persevered. We could not be more excited to bring Century 21 back home, delivering the same products and value to customers, in partnership with Legends.”
This announcement marks the return of the off-price retailer, which filed for Chapter 11 bankruptcy protection in Sept. 2020 and led to the closures of its 13 locations across New York, New Jersey, Pennsylvania and Florida.
According to the retailer at the time, the decision to seek Chapter 11 protection came after its insurance providers failed to pay roughly $175 million under certain policies that were put in place to protect against losses stemming from business interruptions — such as those experienced as a result of the coronavirus pandemic.
During the bankruptcy process in 2020, the Gindi family, which owned, operated and founded the famous off-price chain, bought back the intellectual property for $9 million, together with a silent partner. However, the business is now entirely owned by co-CEOs IG and Raymond Gindi, and their two cousins, Eddie and Isaac Gindi.
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