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Saturday, December 10, 2022

Century 21 plans to reopen NYC flagship in downtown Manhattan

Century 21 plans to reopen NYC flagship in downtown Manhattan

The 21st century is making a comeback—and it’s coming back home in Manhattan’s Financial District.

The 60-year-old retailer, known for its discounted designer goods, announced that it is moving back to its old ditches across the street from the World Trade Center after being out of business for two years by a September 2020 bankruptcy filing. Is.

The flagship store, housed inside the same Art Deco bank building at 22 Cortland St. that has been vacant because of the pandemic, will reopen in the spring of 2023 after an extensive renovation that shrinks the space to nearly 100,000 square feet. Will give According to the report of Women’s Wear Daily.

Century 21 – which operated 13 stores in New York, Pennsylvania, Florida, New Jersey – got bailed-up after insurance companies failed to pay during the pandemic.

The bankruptcy filing and subsequent closure shocked the fashion world at the time. It was an institution in the Big Apple, attracting locals and tourists alike, and returned after September 11 when it was forced to close briefly.

A Closed Century 21 Store With Blacked Out Store Windows.
The iconic department store filed for bankruptcy protection in September 2020.
Getty Images

“I would shop there on my lunch break and bump into my board members and former colleagues,” said Jessica Lapin, president of the Alliance for Downtown. “Lower Manhattan really missed that store.”

Owned by the Guindy family, Century 21 entered into an agreement with hospitality company, Legends, to relaunch the department store that operates retail and food venues at sports stadiums, including Yankee Stadium. According to WWD, Legends will handle technology, store operations and logistics, including staffing.

The Guindy family bought the Century 21 brand out of bankruptcy in December 2020 for $9 million and have been plotting its comeback ever since. According to WWD, the family has a long-term lease on the building with about 75 years remaining.

Four Members Of The Guindy Family.
The Guindy family has owned Century 21 for more than 60 years.
Getty Images

“The 21st century is and always will be the brand of New York City,” Chief Executive Raymond Guindy said in a statement. “We couldn’t be more excited to bring Century 21 back home, in partnership with Legends to deliver similar products and value to customers.”

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