BOSTON (WHDH) - Modell’s Sporting Goods is closing all of its 153 stores, many of which are located in Massachusetts, Connecticut, Rhode Island, and New Hampshire.
The sporting goods, athletic footwear, active apparel, and fan gear retailer filed for Chapter 11 bankruptcy in New Jersey on Wednesday, the company announced.
“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,” said Mitchell Modell, Modell’s Chief Executive Officer.
Modell’s says it has been engaged in discussions with its financial creditors and has been exploring a recapitalization of the business through a potential sale of some or all of its assets or an equity investment.
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