Mitch Modell, the former CEO of a famous New York sporting goods chain that went bankrupt four years ago, wants to buy bankrupt retailers Party City and Big Lots.
Modell, the family-run company that features the viral jingle “I gotta go to Moe's,” is seeking to raise $1 billion in a bid to provide a financial lifeline to struggling companies, he said. he told The Post on Monday.
Party City and Big Lots, which have both filed for Chapter 11 protection in recent months, operate a combined 1,600 stores and employ a total of 33,000 workers.
The model, 70, was at President-elect Donald Trump's Mar-a-Lago resort on Dec. 19 when she bought a traditional retailer and sold her sons Matthew, 23, and Maxwell ( He said that he came up with the idea of leaving the 22-year-old as co-manager. He spoke with the presidents of the new company to the Post.
He has assembled a team of veteran executives, including former Forever 21 and Uniqlo CEO Larry Meyer and former Barnes & Noble CEO Demos Parneros, to explore potential deals. We are considering it.
“Our goal is to save 33,000 jobs,” Modell told the Post, adding that he was not investing any personal funds.
Modell, whose family founded the company more than 130 years ago, has built Big Lots and Party I believe we can revive City.
Modell said Party City will also sell footwear and other sports apparel in addition to its core party supplies business, while he will maintain the retail brand name but get rid of the bulky furniture that Big Lots is known for. he told the Post.
To offer the lowest prices, Modell said he will rely on inexpensive overseas manufacturing from Source One Global, which has factories in China, Mexico and India.
“Our sourcing capabilities are what makes the difference,” he boasts, adding that he didn't have this kind of relationship with Source One Global when he ran Modell's.
New Jersey-based Party City filed for bankruptcy on Dec. 20 for the second time in two years. Ohio-based Big Lots filed for bankruptcy in September.
Big Lots last weekend signed a $490 million deal with Gordon Brothers Retail Partners and Variety Wholesalers that will save up to 400 stores. A bankruptcy hearing scheduled for Monday was postponed for one day, according to court records.
Modell said he spoke with Gordon Brothers representatives and told them, “I'm not leaving. We want to be your partner.”
A person who advised Mr. Modell said he was likely to be snubbed by the Gordon brothers.
“I think it's too late for Big Lots,” the person said. “Mitch got off to a very slow start and needed time to raise funds.”
Over the past few years, Modell and her sons have become involved in a number of businesses, including acquiring a 50% stake in Game Time Watches, a watch licensing business that partners with several professional sports leagues. They are Apex, a garbage bag company that has an exclusive contract with Delta Air Lines, and an agricultural products company that imports non-refrigerated products such as bananas and avocados.
