Modell’s Sporting Goods has filed for Chapter 11 bankruptcy and will be closing its remaining 115 stores, the AP reported. The family-owned sporting goods chain becomes the latest traditional retailer to go under.
- E-commerce casualty: Amazon has been stepping up its activewear lines, and high end shoppers now have options like Lululemon and Gap’s Athleta. The Modell family was also no match to traditional retailers like Target, Walmart, and Kohl’s.
- Worth Noting: The company will start liquidation sales at the remaining stores tomorrow morning, and is teaming up with Tiger Capital Group to oversee the going-out-of-business sales. WSJ noted earlier this year that liquidation giant Great American Group is having one of the busiest periods in its history.