Century 21, the renowned fashion destination in New York known for providing luxury items at discounted prices, is set to reopen its Financial District flagship store at 22 Cortlandt St. The four-floor store will offer designer apparel, footwear, accessories and fragrances. In 2019 the store made $747 million in revenue before plans to open new locations were halted due to insurers’ refusal of a $175 million claim for losses resulting from COVID-19 business interruptions. This led Century 21 into bankruptcy and closure of its 13 East Coast stores in 2020.
The Gindi family along with a private investor acquired the brand’s intellectual property for $9 million during bankruptcy proceedings that resulted in legal disputes with Ben Ashkenazy – CEO and retail real estate titan behind Ashkenazy Acquisition Corp., who also has investments in several of his properties owned by Gindis. This marks an exciting return after more than a year since their closure due to financial struggles caused by pandemic restrictions last year.
