Liquidation sales resume at Modell’s Sporting Goods
Modell’s Sporting Goods has reopened its stores for a short while before closing them permanently.
Modell’s, which filed for bankruptcy protection in early March with plans to liquidate all its stores, has resumed going-out-of-business sales at 107 of its remaining locations. The sales are being conducted by a joint venture of Tiger Capital Group, Great American Group (a B. Riley Financial company) and SB360 Capital Partners. A full list of the locations now being closed is available here.
The group is holding the sales in accordance with state and local social distancing and sanitation guidelines. In addition to merchandise related to all major sports, furniture, fixtures and equipment is also available for sale.
“The store-closing sales got off to a very strong start on March 13, before we had to temporarily shut down due to the pandemic,” said a representative of the joint venture.
A bankruptcy court judge in late March granted Modell’s request to temporarily suspend its bankruptcy proceedings after the retailer had to temporarily shutter its stores amid the COVID-19 pandemic.
“Notwithstanding the Debtors' best-laid plans, COVID-19 has prevented the Debtors from conducting the robust liquidation sales that seemed possible just one week ago," the retailer wrote.
Founded in 1889, Modell’s is the nation’s oldest family-owned and operated retailer of sporting goods, athletic footwear, active apparel and fan gear. At the time it filed for bankruptcy, the chain operated 137 stores in New York, New Jersey, Pennsylvania, Connecticut, Massachusetts, New Hampshire, Delaware, Maryland, Virginia, and Washington, D.C.