Modells lost $500,000 on Patriots AFC Championship gear

Everyone wants things as soon as they come out, or even before. Modell’s was hoping to be the go to place for New England Patriots championship gear and spent $500,000 to get items.

And then the Patriots lost to the Denver Broncos on Sunday.

Now Modell’s is left with $500,000 worth of merchandise which will be sent to underdeveloped countries.

CEO Mitch Modell released the following statement:

“We took a tremendous risk, but you know what? People expect us to have the merchandise,” Modell said. “We printed up everything: hats, shirts, T-shirts, novelties, pennants — you name it — for men, women, kids.”
Of course, Modell’s is one of the bigger retailers in the country so a $500K gamble isn’t back breaking, but I imagine it still has to hurt.”

It seems silly to have a bunch of gear for a team that lost but Modell’s is huge and now they have a $500,000 tax write off. Probably not the worst thing.