Modell’s Sporting Goods halts liquidation

Bloomberg

Modell’s Sporting Goods halted its going-out-of-business sales as customers shelter at home and states order most merchants to close. The bankrupt retailer stopped liquidation sales and closed all stores as of March 21, CEO Mitchell Modell said. It plans to resume once the bans are lifted, he said.
Retailers are pausing store-closing sales as a growing number of states and cities mandate that non-essential merchants shut down and tell residents to stay home to slow the spread of coronavirus. That’s creating uncertainty for creditors at bankrupt companies like Modell’s, which sought court protection earlier this month and said it would shut all of its 153 locations.
The retailer has been in discussions with its landlords throughout the bankruptcy process over whether it can forgo certain rent payments and is still deciding what course to take, Modell said.