Modell’s Sporting Goods will close all 141 stores

The century-old athletic gear chain announced the move after bankruptcy filing

TRD NEW YORK /
Mar.March 12, 2020 09:30 AM
Modell’s CEO Mitch Modell and a Modell’s store (Credit: Photo by Paul Bruinooge/Patrick McMullan via Getty Images, iStock)

Modell’s CEO Mitch Modell and a Modell’s store (Credit: Photo by Paul Bruinooge/Patrick McMullan via Getty Images, iStock)

Modell’s Sporting Goods has announced it will close all its 141 remaining stores up and down the East Coast after filing for bankruptcy, following a pattern of retailers in recent months.

The announcement comes after the 130-year-old athletic gear company sent letters to more than a dozen landlords last month asking them to “dig deeper” to help the family-run chain avoid bankruptcy.

CEO Mitchell Modell blamed the “extremely challenging environment for retailers” for the decision, according to CNN.

“This is certainly not the outcome I wanted, and it is one of the most difficult days of my life,” he said.

Last year, Mitchell Modell loaned $6.7 million of his own money to the business in an effort to salvage it. The company had also announced it was planning to try out small concept stores across New York in a turnaround effort.

A New York mainstay, the family-run company was known for its advertising tagline, “Gotta Go to Mo’s.”

Modell’s is one of several sporting gear retailers to file for bankruptcy in recent years, including Sports Authority and Eastern Mountain Sports. The wider retail sector is also suffering as consumers increasingly turn to e-commerce for all their buying needs. In the past six months, Barney’s, Forever 21 and Sears have all filed for bankruptcy. Forever 21 was later bought for $81 million by a trio of investors that includes Simon Property Group.

[CNN] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
Macy’s in Herald Square and CEO Jeff Gennette (Credit: Google Maps, D Dipasupil/FilmMagic)

Macy’s announces furloughs for “majority” of its workers

Ample Hills Creamery co-founders Brian Smith and Jackie Cuscuna (Credit: Ilya S. Savenok/Getty Images for NYCWFF; iStock)

Ample Hills Creamery to lay off all 101 of its workers

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

The lifeline would allow the company to continue operating while it puts together a recovery plan. (Photo by Noam Galai/Getty Images)

Neiman Marcus in talks about possible bankruptcy: report

Robert Taubman and David Simon (Credit: Donato Sardella/Getty Images, Mireya Acierto/Getty Images, iStock)

With malls shut, what happens to Simon and Taubman’s deal?

Subway sent its landlords a “force majeure” letter last week (Photo by Mikko Robles/NurPhoto via Getty Images)

Major US retailers tell landlords they can’t pay rent

Workers board up the Time Square Sephora location (Credit: Liao Pan/China News Service via Getty Images)

NYC storefronts begin boarding up as virus empties streets

Amazon CEO Jeff Bezos in front of Fairway Market in Brooklyn (Credit: MANDEL NGAN/AFP via Getty Images; Jules Antonio via Flickr)

Amazon seeking to purchase 4 Fairway locations after grocery’s bankruptcy filing

arrow_forward_ios
Loading...