Kristoffer Tripplaar/Alamy Stock Photo
Bob’s Stores, which has stores in the northeastern United States, is closing its doors.
new York
CNN
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Bob’s Stores, a discount store located in the northeastern United States, is closing its doors after seven decades in business.
The retailer recently filed for Chapter 11 bankruptcy protection and will soon permanently close its 21 stores. It will liquidate its inventory in the coming weeks.
“We regret that our financial situation has necessitated the liquidation of Bob’s Stores,” Dave Barton, president of Bob’s Stores, said in a press release. “Bob’s has been a pillar of our local communities for nearly 70 years, and we know our customers remember us as being there for the important moments in their lives.”
Half of Bob’s stores are in Connecticut, with the rest in Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. All stores offer deep discounts on everything the company sells, from shoes to clothing. Discounts range from 30 percent to 70 percent, Bob’s said.
“Customers are encouraged to visit their nearest Bob’s store as soon as possible to take full advantage of the best selection of discounted products before they sell out,” the company said. Gift cards can still be used through July 14.
Bob’s Stores was founded in 1954 in Connecticut, originally known as “Bob’s Surplus.” It was acquired by Marshalls and TJMaxx’s parent company, TJX, in 2003, and sold to private equity firms five years later. In 2022, Bob’s Stores was sold to GoDigital Media Group.
Bob’s joins a growing number of retail bankruptcies in 2024 driven by slowing consumer spending and rising inflation.
News Source : amp.cnn.com
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