New York, New York-based Modell's Sporting Goods, a sporting goods retailer with locations in the Northeastern United States. with 153 locations, has abandoned all efforts to attempt to save the company and the jobs of hundreds of employees. The company has hired Tiger Capital Group to liquidate the sporting goods and apparel inventory throughout its stores in favor of its creditors.
According to a company spokesperson, "Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations," Modell said in a statement on Wednesday. "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.”\
Modell’s CEO Mitchell Modell, noted, “This is certainly not the outcome I wanted, and it is one of the most difficult days of my life. But I believe liquidation provides the greatest recovery for our creditors. The company's lenders will provide the company with near-term financing, including the payments of employee wages and benefits, provisioning of customer orders and shipments, and other obligations. I want to thank each and every one of our associates for their support over the years and our customers for their historic support of Modell’s.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?