Modell’s Gets Court Approval to Close Stores and Market Assets

Modell’s Sporting Goods Inc. is moving forward with its wind-down after receiving court permission to market intellectual property, leases and continue its liquidation process, closing all stores through Chapter 11 bankruptcy.

• “The retail-industry wreckage continues and claims another victim,” Michael Sirota of debtors law firm Cole Schotz Meisel Forman & Leonard said at the start of a hearing in the district court of New Jersey Friday
• Bankruptcy judge Vincent Papalia grants Modell’s various first-day motions to continue operations including the ability to access cash and pay suppliers, employees and other pre-petition claims
• Modell’s proposed liquidation process will pay pre-petition lenders ...