In a statement Monday, Modell’s said Chief Executive Officer Mitchell Modell “is executing a precedent setting campaign to save his business.” as Modell’s will close 24 stores out of 141.
Eight Modell’s stores in New York and five in New Jersey will shut its doors according to reports.
“We dropped 38 million dollar in receipts which caused us to lose 50 million dollars last year in sales,” said Modell. “On top of it, a warm winter on top of local teams lousy, on top of six days less between Thanksgiving and Christmas.”
The 24 stores closing are the most unprofitable ones. Modell says the decision to close them was the most difficult one of his life, but had to be done to save the 4,300 jobs he could.
“For the first time ever, I never thought I would sell equity, but i’m now willing to sell a minority stake in our company,:” Modell said in a statement. “I’m hoping someone watching the show will say I love the brand and want to invest.”
Modell said he and his family are “all in.”
“We will do whatever it takes to save these stores and protect the communities that we have served and loved for generations,” he continued.