Modell’s Sporting Goods will close all 141 stores

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

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
Covid surge dims enthusiasm for ICSC Vegas conference
Covid surge dims enthusiasm for ICSC Vegas conference
Covid surge dims enthusiasm for ICSC Vegas conference
Apple to open first Bronx store, 11 location in New York
Apple to open first Bronx store, 11th location in New York
Apple to open first Bronx store, 11th location in New York
Torchlight Investors CEO Daniel Heflin and 445 Fifth Ave (Google Maps, National Institute of Public Finance)
Harbor Group owes more money in Fifth Ave foreclosure suit, lender claims
Harbor Group owes more money in Fifth Ave foreclosure suit, lender claims
2307 Beverley Road in Flatbush, Brooklyn (Getty)
Sears closing up shop in New York City
Sears closing up shop in New York City
The Broadway location of Halloween Adventure (Facebook via New York Costumes / Halloween Adventure)
Halloween Adventure to vacate East Village home as retail condo hits market
Halloween Adventure to vacate East Village home as retail condo hits market
LVMH Chairman and CEO Bernard Arnault (right), Dacra CEO Craig Robins and the Louis Vuitton store in Miami’s Design District
Making it rain in Miami’s Design District
Making it rain in Miami’s Design District
Purchases across the country rose 0.7 percent in August, easily outpacing estimates by retail analysts. (iStock)
Big month for retail sales bodes well for landlords
Big month for retail sales bodes well for landlords
385 First Avenue and Ben Shaoul (Google Maps, Getty)
385 First Ave requiring Bitcoin for retail condo sales
385 First Ave requiring Bitcoin for retail condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...