Modell's Sporting Goods will close all 141 stores

[mahatmakanejeeves]

Source: The Real Deal

Modell’s Sporting Goods will close all 141 stores
The century-old athletic gear chain announced the move after bankruptcy filing

TRD NEW YORK /
March 12, 2020 09:30 AM
Staff

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. (1)

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.”

{snip}

(1) https://therealdeal.com/2020/02/26/modells-begs-landlords-to-help-it-stave-off-bankruptcy/

Read more: https://therealdeal.com/2020/03/12/modells-sporting-goods-will-close-all-141-stores/

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It was on the radio this morning.

Hat tip, Joe.My.God, for reminding me.

Modell’s Goes Bankrupt, Will Shutter All 115 Stores

https://www.joemygod.com/2020/03/modells-goes-bankrupt-will-shutter-all-115-stores/

[greenjar_01]

1. Gotta go to Mo's

Bought many of my childhood sports equipment at the Modell's on Main Street Flushing, Queeeeeeeens, whaaaaat?

[Docreed2003]

2. Damn, loved Modells

[PJMcK]

3. Ain't Capitalism grand?! (n/t)

[kcr]

4. Oh, sad to hear that.

No more Gotta go to Mo's.

[Danmel]

5. Sad to hear this

Our local Modells was more like a mom and pop store than a chain, especially when my kids were young and I'd get their sorts equipment, sneakers, backpacks and stuff there. We knew the people who worked there and they knew us.
On the corporate level, I work for a local elected Democratic official. In 2008, we were asked to collect some football stuff for a superbowl party for members of the Army National Guard Fighting 69th, who were stationed in Afghanistan. I remembered reading that Modells was active philanthropically and called their corporate headquarters.
They said of course. I was expecting a few jerseys and some footballs.
A few days later, I got an email. They donated $3000 in gift cards and invited the children of the troops stationed overseas to the local warehouse for a pizza party and to pick stuff out.
I actually cried at my desk.
Sad to lose them.