Modell's closing 24 stores including Center City Philadelphia location

Sporting goods chain Modell's says it is closing 24 stores, including one in Center City Philadelphia.

CEO Mitchell Modell made the announcement on Fox Business on Friday.

Of the 24 stores that will be closing, five are in New Jersey and four are in Pennsylvania. The store at 1608 Walnut Street in Center City has closing signs in their windows. The exact locations of the other closings were not released.

Modell told FOX Business' Maria Bartiromo that announcing the store closures to his associates was "one of the most difficult days of my life."

Modell's lost $50 million in sales in 2019, amid increased online competition.

Mitchell Modell said he is now looking for outside investors to save the company.

During the interview, Fox Business reports, Modell said he will do "whatever it takes to keep his 130-year-old family business in operation."

The company was founded in 1889 by his great-grandfather Morris A. Modell.

Action News has reached out to Modell's for confirmation of the locations of the other closing stores.