Century 21 files for bankruptcy and will close all of its stores

New York-based retailer Century 21 will file for bankruptcy and close all of its stores, the chain announced Thursday.In a statement obtained by CNN Business, the company’s co-CEO, Raymond Gindi, blamed the closures on the ongoing business insurance for which Century 21 paid, which it added had refused to pay out a $175 million claim the company had made related to the ongoing COVID-19 pandemic.”We now have no viable alternative but to begin…