Modell’s lost $500,000 on Patriots AFC champions gear
Modell’s Sporting Goods took a big gamble on the New England Patriots over the weekend and lost. No, they didn’t place a bet with their local bookie, but they did have a business wager on New England.
According to the Boston Herald, Modell’s, Dick’s and Sports Authority had plans to stay open late on Sunday after the AFC Championship Game to sell Patriots gear. Modell’s specifically told The Herald that they had roughly a $500,000 gamble on the Patriots winning because they already had some stores stocked Patriots AFC champions gear.
“We took a tremendous risk, but you know what? People expect us to have the merchandise,” CEO Mitch Modell told The Herald. “We printed up everything: hats, shirts, T-shirts, novelties, pennants — you name it — for men, women, kids.”
People even saw the Patriots AFC champions gear on sale in Modell’s stores on Saturday. Take a look at this photo taken by a gentleman named Rick Friedland, who spotted the shirts at a Modell’s in New York:
Modell says they are not allowed to sell the gear, so it’s being donated to a third-world country.
This sort of thing is nothing new — in order to have supplies on hand immediately after a sporting event takes place, companies often produce two versions of the same thing depending on the outcome of the game. Companies even produce two different commercials depending on who wins big games. But this sounds a heck of a lot worse once you attach a number to it and figure that the gamble cost Modell’s $500k.
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