Modell’s To Close 19 Stores, Offer Up Minority Stake

Modell’s on Monday announced it was closing more than 15% of its footprint and seeking outside investment to help save the company, according to a company press release. Unless the company can “appropriately restructure the leases,” it will close 19 stores, a company spokesperson said in a statement emailed to Retail Dive, noting that five locations originally slated for closure will remain open thanks to negotiations with landlords. CEO Mitchell Modell said in a statement that he is willing to sell a minority stake in the business. He appeared on Fox Business on Friday and said he hoped a viewer would “say I love the brand and want to invest.” Read more at Retail Dive.