Sporting goods retailer Modell’s to close 24 stores: CEO

Modell’s closing 24 stores

Modell’s CEO Mitchell Modell discusses the history of his company and what it is doing to stay alive.

Sports retailer Modell’s will be closing 24 stores and is considering offering a minority stake in the company as it fights to stay alive, CEO Mitchell Modell said Friday.

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During an interview with FOX Business’ Maria Bartiromo on "Mornings with Maria," Modell said he will do whatever it takes to keep his 130-year-old family business in operation.

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In March 2019, the Wall Street Journal published an article detailing the company’s financial difficulties, which began a chain reaction of vendors stopping shipment of products to Modell’s, insurance companies cutting it off and their credit rating being downgraded, according to Modell.

Sabrina Beth looks at a Nike Inc. sneaker at a Modell’s store New York, U.S.. (Photographer: Timothy Fadek/Bloomberg via Getty Images)

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Modell is looking for outside investors to come in to help him save the company, despite previously insisting he would never sell a minority stake.

Modell’s was founded in 1889 by Mitchell Modell’s great-grandfather, Morris A. Modell. The company has been family-owned and had 141 stores prior to the recent closures.

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