Modell”™s Sporting Goods is closing 24 of its 141 retail locations, including its four stores in Connecticut.
The New York City-headquartered, family-owned chain released a video on YouTube with CEO Mitchell Modell detailing the financial problems that have burdened the 130-year-old company.
The New York Post is reporting Modell”™s is seeking an outside investor to acquire a minority stake in the company. It also reported that the chief executive sent a letter to 19 building and mall owners asking them to “dig deeper” in order to stave off a bankruptcy by March 1. Modell has retained Berkeley Research Group as an adviser in its restructuring efforts.
The company did not issue a list of the specific stores that it would be closing, stating instead it would close four locations in Connecticut. However, the stores in Bridgeport, Stamford, Milford and Newington represent its entire presence in the state. The other closings will involve nine stores in New York, four each in New Jersey and Pennsylvania, and one each in New Hampshire, Virginia and the District of Columbia.
