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Modell’s Sporting Goods filed for Chapter 11 late Wednesday in New Jersey and plans to liquidate its remaining stores amid a challenging retail environment.
Founded in 1889, the company claims to be the oldest family-owned and operated retailer of sporting goods in the U.S.
“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 Mitch Modell, the company’s CEO, in a statement.
To liquidate its remaining stores, Modell’s teamed up with Tiger Capital Group.