It’s the end of an era. On Wednesday (March 11), athletic apparel retailer Modell’s Sporting Goods filed for bankruptcy and announced it will close all 153 of its stores.
Modell’s was founded in 1889 and proudly boasts it was “The oldest family owned sporting goods store since 1889” along with the tag line “Gotta go to Mo’s.” Nevertheless, Modell’s has voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey.
“Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations. While we achieved some success, in partnership with our landlords and vendors, it was not enough to avoid a bankruptcy filing amid an extremely challenging environment for retailers,” said Modell’s CEO Mitchell Modell via a press statement.
After thanking banks and customers for working with the brand as it tried to stay afloat, the cold reality is that it must shutter its doors.
Mitch Modell added, “This is certainly not the outcome I wanted, and it is one of the most difficult days of my life. But I believe liquidation provides the greatest recovery for our creditors.”
Modell’s 153 retails stores spanned cities including New York, New Jersey, Pennsylvania, Connecticut, Maryland, Virginia and more, and will begin closing up shop on Friday, March 13.
At least in NYC, this writer remembers Modell’s as the spot to get sports equipment, athletic gear and sneakers before brands started opening their own stores or Foot Locker’s became more ubiquitous. Also, this is before online sales made copping goods just a click away.
Now there’s one less place to go cop a fresh pair of kicks or a hoodie on the low while everyone is running to some of the aforementioned retailers.
Modell’s Sporting Goods Files For Bankruptcy, Closing All Stores was originally published on hiphopwired.com