The popular sports retailer Modell’s Sporting Goods is going out of business after serving customers for almost 131 years. The company has filed for Chapter 11 bankruptcy.
According to NJ.com, CEO Mitchell Modell said in a statement that a challenging retail environment was the cause for the company’s bankruptcy filing and store closures. There are over 140 stores nationwide.
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“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. We are extremely appreciative of the support that our lenders (JP Morgan Chase and Wells Fargo), vendors and landlords provided during this difficult period, engaging in extensive renegotiation efforts and allowing us to pursue every possible avenue to preserve the jobs of our loyal associates. I want to thank each and every one of our associates for their support over the years and our customers for their historic support of Modell’s.”
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The stores will start going into liquidation at the end of the month. Many customers shared their thoughts about the business closing for good on Twitter:
Shit im surprised DICK’S is still in business. But Modells been trash for years, ima miss that pack of Wilson socks tho lol
— Flash_Photography (@flashphotog15) March 13, 2020
Me and @DannyDaveggia were once thrown out of a Modells roughly 10 years ago and this is possibly the sweetest revenge ever https://t.co/kR2ajyf9A4
— Benny in the Burg (@Benson1796) March 13, 2020
“Gotta go to mo’s gotta go to modells gotta go to mo’s MODELLS gotta go to mo’s” pic.twitter.com/bhMWhDOtwL
— Lord Rome (@LoRdRoMe_) March 12, 2020