Mitchell Modell, CEO of Sporting Goods, confirmed to USA Today Network New Jersey that the retailer had retained a restructuring advisor but he also stated the family-owned chain has long-term plans to stay in business.
“We are committed to securing our future in a challenging retail climate, and therefore are always looking for ways to improve our performance,” Modell said in an e-mailed statement responding to questions from the USA Today Network New Jersey. “To help us with efficiencies and process improvement, we have engaged Berkeley Research Group, as we have done in the past.”
The California-based consulting firm Berkeley Research Group had worked with Modell’s in 2017.
In his brief responses, Modell said the retailer has no plans to close beyond typical closures that occur annually when leases expire.
On March 12, the Wall Street Journal first reported that Modell’s had retained Berkeley Research Group as its financial adviser to explore restructuring options, including a possible bankruptcy.
Modell’s has more than 150 stores in the Northeast.
Photo courtesy Modell’s
