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Modell’s Sporting Goods files for bankruptcy, will close all stores

modells 1182Business Insider/Jessica Tyler

Modell’s Sporting Goods filed for bankruptcy Wednesday and will begin closing all stores at the end of the week, Bloomberg reported Wednesday.
The retail chain filed a Chapter 11 bankruptcy petition in New Jersey, and will begin liquidation sales at its locations on Friday.
“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,” Modell said in a statement, citing Bloomberg.
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Sporting-goods retailer Modell’s is closing all stores and filing for bankruptcy, Bloomberg reported Wednesday.

The retail chain, which prides itself on being one of the oldest family-owned US sporting goods retailers, will shutter all locations and begin liquidation sales on Friday and continue online sales, according to the Bloomberg report.See the rest of the story at Business Insider

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