Modell’s saves 5 stores from closure amid financial crisis: Modell’s CEO
Modell’s CEO Mitch Modell discusses his ability to renegotiate contracts with landlords after an outpouring of support and the impact coronavirus is having on his supply chain.
After an outpouring of support, sporting goods retailer Modell’s will save five stores from closure after initially announcing plans to shutter more than 20 stores.
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Following renegotiations with top landlords, Modell’s CEO Mitch Modell told FOX Business’ Stuart Varney four stores were saved over the weekend and a fifth was rescued before he appeared on "Varney & Co." In saving the five stores, Modell is preserving 81 jobs.
Last week, Modell told FOX Business’ Maria Bartiromo that the sports retailer was going to be forced to close 24 stores and could have to sell a minority stake in the company amid financial difficulty.