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

Business Insider/ Jessica Tyler

Modell’s Sporting Goods entered for insolvency Wednesday and will begin closing all accumulates at the end of the week, Bloomberg reported Wednesday. The retail bond filed a Chapter 11 insolvency application in New Jersey, and will begin liquidation sales at its locatings on Friday. “While we achieved some success, in cooperation with our proprietors and dealers, it was not enough to avoid a bankruptcy filing amid an extremely challenging environment for retailers, ” Modell said in a statement, citing Bloomberg. Visit Business Insider’s homepage for more floors.

Sporting-goods retailer Modell’s is closing all storages and filing for bankruptcy, Bloomberg reported Wednesday.

The retail chain, which respects 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

NOW WATCH: How lava lamps are made at the 55 -year-old plant where they were invented