Modell's Sporting Goods is "set for further expansion" after
acquiring 16 leases to bankrupt Herman's stores, according to the
N.Y. DAILY NEWS. In a bankruptcy court auction, Modell's bought
leases to two stores on L.I., five in the DC-Baltimore area,
three in PA, and six in NJ, "all key areas where it wants to
shore up its market share or steak out a new presence." The
acquisition brings the number of Modell's stores to 68.
Originally, Modell's had wanted to bid on 18 stores, but The
Sports Authority and Petco, a pet supply company, outbid them on
two Manhattan locations (Sonia Reyes, N.Y. DAILY NEWS, 7/1). The
WASHINGTON POST notes, "Art Modell is bringing his NFL team to
that town up the road, and his cousin's sporting goods chain is
right behind" (WASHINGTON POST, 7/1).
OTHER WINNERS: In Boston, Steff Gelston reports that City
Sports has bought Herman's lease in the Chestnut Hill Mall
outside Boston for a reported $100,000. City Sports CEO Michael
Kennedy said the company plans to move in the new location "by
the end of July" (BOSTON HERALD, 6/29).
POTOMAC FEVER: Karen Lavengood writes in the WASHINGTON
BUSINESS JOURNAL that Pittsburgh-based Dick's Clothing & Sporting
Goods is searching for retail locations in the DC area
(WASHINGTON BUSINESS JOURNAL, 6/28 issue).
