14 Mar Report: Modell’s Hires Restructuring Adviser
Posted at 15:52h in FDRA, Latest News
Modell’s Sporting Goods has retained Berkeley Research Group as its financial adviser to explore restructuring options, including a possible bankruptcy, according to a report from the Wall Street Journal.
Two sources said that a bankruptcy filing is possible but the report also noted that sources indicate, “The situation remains fluid, however, and a restructuring, either in or out of court, isn’t certain.”
The report noted that Modell’s has faced “sagging sales and competition from big-box stores and online retailers.”
The family-owned chain has more than 150 stores in the Northeast.
Modell’s and Berkeley Research Group didn’t respond to calls about the report.