Modell’s a 130 year old brand files for bankruptcy and closes all 134 stores

Modell’s Sporting Goods, a century-old, family-owned chain, has filed for Chapter 11 bankruptcy and will close its remaining stores, including 14 on Long Island, officials said.

The New York-based retailer known for its “Gotta Go to Mo’s” ad slogan becomes the latest traditional retailer to succumb to a fast-changing environment. Modell’s local stores include locations in Bay Shore, Centereach, Freeport, Huntington, Oceanside and Plainview.

It has 134 stores on the East Coast, 19 of which started store closing sales prior to the bankruptcy filing, Tami Mohney, a spokeswoman for the company, said Wednesday in an email. The remaining 115 stores will begin liquidation sales Friday, she said.

Until the Chapter 11 process is finished, Modell’s will continue to explore options to keep some or all of the company alive, including a recapitalization of the business through a sale of some or all of its assets or finding an equity partner, Mohney said.

Most of Modell’s stores are in the New York market, so the team merchandise in those stores focuses on the professional teams in the state, she said.

Founded in 1889 by Morris A. Modell, the first Modell’s was located on Cortlandt Street in lower Manhattan, according to the company website. — AP

Source
https://www.newsday.com/business/modells-bankruptcy-liquidation-sales-1.42852487

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