Sporting goods retailer Modell’s Sporting Goods filed for Chapter 11 protection in the US bankruptcy court in New Jersey on Wednesday, citing a challenging retail environment.

The privately owned company, which calls itself the oldest — opened in 1889 —- US family-owned and operated sporting goods retailer, said it will continue to explore recapitalization through a potential sale of some or all its assets.

Modell’s has 153 stores, mostly on the East Coast.