Century 21 Files For Bankruptcy, Will Close Rego Center Location

REGO PARK, QUEENS — Discount retail chain Century 21 is closing all 13 of its shops, including a location in the Rego Center mall, after filing for bankruptcy.

The New York-based company announced Thursday that it "voluntarily" filed for Chapter 11 bankruptcy and would start going-out-of-business sales at its stores and online.

Century 21 CEO Raymond Gindi blamed the closures on insurance providers stiffing the company of about $175 million in protection against losses stemming from 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," Gindi said in a statement.

Century 21 has been a staple of New York City's retail scene for nearly 60 years.