Author Topic: Companies filing for bankruptcy  (Read 5892 times)

Offline cgr

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Offline cgr

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Offline cgr

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Offline cgr

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Re: Companies filing for bankruptcy
« Reply #23 on: August 02, 2020, 11:09:21 PM »
Is it time to invest in a sewing machine?

Offline jj1000

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Re: Companies filing for bankruptcy
« Reply #24 on: August 02, 2020, 11:14:11 PM »
Is it time to invest in a sewing machine?
Been trying to buy the Janome Mod-19 for months and it's been sold out.
See my 5 step program to your left <--

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Offline KSMH

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Offline Kobe Bryant

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Re: Companies filing for bankruptcy
« Reply #26 on: September 10, 2020, 10:02:30 AM »
NEW YORK: Century 21, an iconic NY off-price dept store chain, filed for bankruptcy with plans to shut down, becoming latest victim of the pandemic.

Offline yr

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Re: Companies filing for bankruptcy
« Reply #27 on: September 10, 2020, 10:45:04 AM »
NEW YORK: Century 21, an iconic NY off-price dept store chain, filed for bankruptcy with plans to shut down, becoming latest victim of the pandemic.

"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," said Century 21 co-CEO Raymond Gindi.

https://www.google.com/amp/s/amp.cnn.com/cnn/2020/09/10/business/century-21-bankruptcy-closing/index.html

The statement from the CEO is so misleading. Most insurance policies have a virus exclusion.  Also, there needs to be physical damage for business interruption coverage to be triggered. So no, they did not pay for coverage for the stores closing. There are multiple court cases around the country on this very topic. The insurance policies are clear.




Offline cgr

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Re: Companies filing for bankruptcy
« Reply #28 on: September 10, 2020, 11:50:46 AM »
The statement from the CEO is so misleading. Most insurance policies have a virus exclusion.  Also, there needs to be physical damage for business interruption coverage to be triggered. So no, they did not pay for coverage for the stores closing. There are multiple court cases around the country on this very topic. The insurance policies are clear.

You're generally right but: https://www.marketwatch.com/story/its-a-huge-decision-for-policyholders-a-judge-just-handed-a-win-to-businesses-in-the-high-stakes-fight-for-insurance-coverage-during-the-pandemic-2020-08-14

Offline neveryou

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Re: Companies filing for bankruptcy
« Reply #29 on: September 10, 2020, 01:10:30 PM »
"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," said Century 21 co-CEO Raymond Gindi.

https://www.google.com/amp/s/amp.cnn.com/cnn/2020/09/10/business/century-21-bankruptcy-closing/index.html

The statement from the CEO is so misleading. Most insurance policies have a virus exclusion.  Also, there needs to be physical damage for business interruption coverage to be triggered. So no, they did not pay for coverage for the stores closing. There are multiple court cases around the country on this very topic. The insurance policies are clear.
Maybe that's why there's looters so they can get insurance

Offline aygart

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Re: Companies filing for bankruptcy
« Reply #30 on: September 10, 2020, 01:12:53 PM »
Maybe that's why there's looters so they can get insurance

Hot take! Why would companies teetering on bankruptcy have any interest in additional security if that gets them insurance for their store when otherwise they get zero?
Feelings don't care about your facts

Offline yelped

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Re: Companies filing for bankruptcy
« Reply #31 on: September 10, 2020, 04:19:33 PM »
Maybe that's why there's looters so they can get insurance
So it's all the big corporations again!!! The Democrats are right to encourage looting against those evil corporations!!  ;D

Offline S209

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Re: Companies filing for bankruptcy
« Reply #32 on: September 10, 2020, 04:25:22 PM »
"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," said Century 21 co-CEO Raymond Gindi.

https://www.google.com/amp/s/amp.cnn.com/cnn/2020/09/10/business/century-21-bankruptcy-closing/index.html

The statement from the CEO is so misleading. Most insurance policies have a virus exclusion.  Also, there needs to be physical damage for business interruption coverage to be triggered. So no, they did not pay for coverage for the stores closing. There are multiple court cases around the country on this very topic. The insurance policies are clear.
I believe he is a frum Yid
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Offline ah giten

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Re: Companies filing for bankruptcy
« Reply #33 on: September 10, 2020, 04:27:57 PM »
I believe he is a frum Yid
Yep, a few partners, Family. Frum yidden.

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Offline cgr

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Re: Companies filing for bankruptcy
« Reply #35 on: December 07, 2020, 10:37:51 PM »
In an effort to raise cash, Century 21 is selling a stake in their legal battle against their business interruption insurance carrier: https://www.insurancejournal.com/news/national/2020/12/07/593070.htm