Lowenstein Sandler has been selected as counsel to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of Modell’s Sporting Goods.
Modell’s Sporting Goods, the New York-based, family-owned sporting goods retail chain, known for its “Gotta go to Mo’s” slogan, filed for Chapter 11 protection in March 11, 2020, in the U.S. Bankruptcy Court for the District of New Jersey.
The filing follows the company’s determination that a going concern sale was “no longer viable” after an impasse with a potential acquisition partner and failed attempts with vendors and landlords on an out-of-court restructuring. Modell’s reported approximately $220 million in assets and $288 million in liabilities.
Some of the largest athletic brands are among Modell’s creditors with the biggest unsecured claims. Modell’s owes Adidas USA Inc. $8.97 million.; Nike Inc. has an unsecured claim of $8.87 million; Under Armour is owed $3.86 million; and $1.8 million Champion/Hanesbrands.
The Lowenstein team included Jeffrey Cohen (Picture), Nicole Fulfree, and Michael Papandrea.
Law Firms: Lowenstein Sandler LLP;