NEW YORK - Modell's Sporting Goods, a 130-year-old family-owned sports retailer, is fighting for survival.
CEO Mitch Modell initially announced that the company would have to close 24 stores and pleaded to his loyal customers for support. In an interview on Good Day New York on Monday, he said four of those stores have been saved after renegotiating with landlords.
The sporting goods chain lost $50 million in sales in 2019 partly due to the growing popularity of online shopping.
The CEO has hired a firm to help restructure his company and is looking for outside investors to save his family's legacy.
Modell's, which has dozens of locations in New York, has not revealed exactly which stores are on the chopping block but shoppers agree the company's closure would mark the end of an era.