HOLMDEL, NJ - For local folks who regularly shop at Modell's in the Holmdel Commons shopping center, the question is simple - do you give the Holmdel discount? Of course they do! The clerk pulls out the special sheet to apply the nice discount that keeps local residents coming back.
Sadly, this may be ending. They just filed for bankruptcy protection.
In a statement CEO Mitch Modell said:
"Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations. While we achieved some success, in partnership with our landlords and vendors, it was not enough to avoid a bankruptcy filing amid an extremely challenging environment for retailers...We are extremely appreciative of the support that our lenders (JP Morgan Chase and Wells Fargo), vendors and landlords provided during this difficult period, engaging in extensive renegotiation efforts and allowing us to pursue every possible avenue to preserve the jobs of our loyal associates."
While not for the reasons we like to hear, you 'Gotta go to Mo's" for serious bargains as Modell's is another brick and morter store that cannot weather the on-line storm.
Four generations of the Modell family have grown the family business into 150 stores. Modell's was founded in 1889 by Morris A. Modell. The first Modell's store was located on Cortlandt Street in NYC.