Modell’s Sporting Goods has filed for bankruptcy and will close its remaining stores, including three Montgomery County locations, writes Neil Vigdor for the Philadelphia Business Journal.
The more-than-a-century-old family-owned sporting goods retailer cited diminished sales of sports apparel as well as millions in unpaid debts in its Chapter 11 filing.
The company currently has 141 stores and 3,600 employees throughout the Northeast and Mid-Atlantic regions including King of Prussia, Wyncote, and Willow Grove.
However the decision to close all the stores was not an easy one for Mitchell Modell, its president and CEO.
“Today, I had the worst day of my life,” Modell said on Wednesday.
He added that many factors contributed to the company’s worsening results, including competition from Amazon and the coronavirus pandemic.
But Modell said he had not ruled out a possible last-ditch effort to try to save the company.
“When you have a 130-year-old company and you have 3,600 families to protect, I will leave no stone unturned,” he said.
Other nearby stores that are closing include Exton in Chester County and Media, Clifton Heights, and Upper Darby in Delaware County.
Read more about Modell’s Sporting Goods at the Philadelphia Business Journal here.
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