Modell’s Sporting Goods to file for bankruptcy

Bloomberg

Modell’s Sporting Goods Inc is preparing a bankruptcy filing that could come soon after the retailer failed to garner enough support from its vendors and landlords.
Following weeks of negotiations with its stakeholders, the family-owned retail chain is looking to file for Chapter 11 protection and sell assets through a court-supervised bidding process, Chief Executive Officer Mitchell Modell said in an interview.
“Anything could happen” in the process, which is still under negotiation, Modell said. “The best-case scenario is that we maintain as many jobs as we can.”
Modell said that a number of retailers have already expressed interest in buying parts or all of the chain in bankruptcy, without disclosing names.
Modell’s recently hired the firm Tiger Capital Group to liquidate 17 unprofitable stores.