Modell’s Joins Sporting Goods Bankruptcy Parade

Modell’s Sporting Merchandise has filed Chapter 11 personal bankruptcy to aid the liquidation of its shops just after reaching an impasse with a likely buyer.

The 131-yr-previous corporation cited the “extremely challenging” retail surroundings as it joined a parade of sporting items merchants that have long gone bankrupt in the latest many years, such as Sports activities Authority, Sport Chalet, City Sports activities, MC Sports activities, and Eastern Mountain Sports activities.

Modell’s had been trying to find rent concessions with landlords and a personal debt restrcuturing with creditors but decided, in accordance to court papers filed on Wednesday, that an “orderly liquidation” of its 134 shops by the Chapter 11 method was “the very best offered possibility to increase value for the reward of all stakeholders.”

“This is absolutely not the consequence I needed, and it is one particular of the most hard days of my existence,” CEO Mitchell Modell

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