After a brief attempt to save its stores, Modell’s has decided to file for Chapter 11 bankruptcy protections and liquidate its inventory, meaning the company’s two Upper West Side locations will be closed.
The two Modell’s sporting goods locations on the Upper West Side — at 77th and Amsterdam and 97th and Columbus — have been holding sales in the past few weeks. An employee on 97th said they didn’t have a definite closure date yet.
“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,” CEO Mitchell Modell said in a statement obtained by Chain Store Age.
“This is certainly not the outcome I wanted, and it is one of the most difficult days of my life,” he added. “But I believe liquidation provides the greatest recovery for our creditors.”
Both stores on the UWS are enormous and could be tough to fill at a time when several other chain stores have also been closing.