The Briefing Room

General Category => Economy/Business => Topic started by: Applewood on March 12, 2020, 08:47:15 am

Title: Modell's Sporting Goods files for bankruptcy, closing all stores
Post by: Applewood on March 12, 2020, 08:47:15 am

Modell's Sporting Goods files for bankruptcy, closing all stores

(Per Bloomberg)

Quote

Modell’s Sporting Goods Inc. sought court protection from its creditors and plans to close all its stores, unable to keep up with larger rivals and web competition.

The family-owned retail chain’s Chapter 11 bankruptcy petition was filed in New Jersey. The chain will begin liquidation sales of sporting goods in all stores and plans to continue its online sales during the process.
 
Fourth-generation owner Mitchell Modell had tried to line up support with its stakeholders to keep the chain out of court, including vendors and lenders, but ultimately fell short. The company decided that if it was unable to find a buyer by 12:30 p.m. Tuesday, it would file bankruptcy and begin liquidating, Modell’s said in court papers.

https://www.msn.com/en-us/money/companies/modells-sporting-goods-files-for-bankruptcy-closing-all-stores/ar-BB113M27?ocid=spartandhp (https://www.msn.com/en-us/money/companies/modells-sporting-goods-files-for-bankruptcy-closing-all-stores/ar-BB113M27?ocid=spartandhp)

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I'm not familiar with Modell's; no stores near me.  Apparently, most of the stores are in Maryland and New Jersey.

Title: Re: Modell's Sporting Goods files for bankruptcy, closing all stores
Post by: Gefn on March 12, 2020, 11:53:31 am

 888cryingkitty

I like Modell’s

Title: Re: Modell's Sporting Goods files for bankruptcy, closing all stores
Post by: Jazzhead on March 12, 2020, 12:52:37 pm

I've gotten lots of Phillies and Sixers gear from Modell's.   It's a chain under fourth generation family ownership.   Sad to see them go.   

Title: Re: Modell's Sporting Goods files for bankruptcy, closing all stores
Post by: Gefn on March 12, 2020, 12:56:24 pm

I just remembered they were on “Undercover Boss”. The ceo bought one of his employees a new house.