Modell’s Sporting Goods to Close Two Dozen Stores, Five in NJ
Modell’s Sporting Goods has announced they will be closing two dozen stores across the region as the company continues to struggle financially.
Of the stores on the chopping block, five are located in New Jersey but specific stores have not yet been announced, according to FOX Business.
Appearing on FOX Business Friday morning, CEO Mitchell Modell said his company lost $50 million in sales. Modell went on to say that a warm winter, "lousy local sports teams," and six fewer days between Thanksgiving and Christmas, in addition to on-line competition, are making business difficult for the sporting goods chain.
Modell says he is now looking for outside investors to come in to help him save the company.
NJ.com reports Modell’s Sporting Goods was founded in 1889 and their first store was in Manhattan. In our area, Modell's has stores in West Berlin, Deptford, Cherry Hill, and Toms River. The chain has over 100 stores stretching from greater New York City down through Washington, DC.