A retailer with three locations in the Mid-Hudson Region has announced that it is shuttering 24 stores in an effort to stay afloat.

In an interview with Fox Business, the CEO of Modell's Sporting Goods announced that he would be closing the stores this year in order to save the jobs of  "4,300 families." Mitchell Modell says the company lost $50 million in sales last year, making the closures necessary for the business to survive.

Modell's Sporting Goods has stores in the Poughkeepsie Plaza Mall, the Orange Plaza in Middletown and Harriman. A complete list of locations that are scheduled to close has not been released, but Modell has indicated that five of the stores on the chopping block are located in New Jersey, eight are in New York, four are in Pennsylvania and the rest are in Washington D.C. and New England.

Drips of information about locations that are scheduled to close are coming out in media reports and, as of now, none in the Hudson Valley have been named yet.

Modell's is partially blaming "lousy" New York teams for the lack of sales, as well as a shorter Christmas season and warmer weather. The 130-year-old family business is now seeking to sell a minority share in the company to stay afloat.

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