Modell’s Goes Bankrupt, Will Shutter All 115 Stores

ABC News reports:

Modell’s Sporting Goods, the century-old family-owned sporting goods chain, has filed for Chapter 11 bankruptcy and will be closing its remaining 115 stores.

It becomes the latest traditional retailer to succumb to a fast-changing environment. In recent years Payless ShoeSource Corp., Toys R Us and children’s chain Gymboree have filed for Chapter 11 reorganization or liquidated their operations.

A Modell’s spokeswoman said that as of Wednesday the company had 3,623 employees. The New York-based retailer known to New Yorkers for its “Gotta Go to Mo’s” advertising slogan, said Wednesday it will start liquidation sales at the remaining stores Friday morning.