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.