Modell's Sporting Goods files for bankruptcy, will close all stores

Business Insider/Jessica Tyler

• Modell's Sporting Goods filed for bankruptcy Wednesday and will begin closing all stores at the end of the week, Bloomberg reported Wednesday.
• The retail chain filed a Chapter 11 bankruptcy petition in New Jersey, and will begin liquidation sales at its locations on Friday.
• "While we achieved some success, in partnership with our landlords and vendors, it was not enough to avoid a bankruptcy filing amid an extremely challenging environment for retailers," Modell said in a statement, citing Bloomberg.
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Sporting-goods retailer Modell's is closing all stores and filing for bankruptcy, Bloomberg reported Wednesday.

The retail chain, which prides itself on being one of the oldest family-owned US sporting goods retailers, will shutter all locations and begin liquidation sales on Friday and continue online sales, according to the Bloomberg report.

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