On Tuesday, July 2nd, Bob’s Stores, a long-standing discount clothing and shoe retailer, announced it would be closing all of its locations, marking another significant casualty in the United States retail sector. The closures will affect 21 locations across Connecticut, Massachusetts, New York, New Jersey, New Hampshire, and Rhode Island, with liquidation sales already underway offering discounts between 30% and 70%.
The company’s decision to shut down comes after its parent company filed for Chapter 11 bankruptcy, citing a liquidity crisis. Bob’s Stores president Dave Barton expressed regret over the liquidation, acknowledging the store’s integral role in local communities for nearly seven decades. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” Barton stated.
Bob’s Stores was founded in 1954 by Bob Lapidus as “Bob’s Surplus” in Middletown, Connecticut. The brand expanded significantly over the years, at one point operating more than 35 stores throughout the Northeast. Despite generating $131.85 million in net revenue in 2023, the company faced substantial financial challenges, including nearly $30 million owed to PNC Bank and an additional $27 million in unpaid rent and operational debt.
The announcement has affected hundreds of employees, with the company employing 290 full-time and 481 part-time workers. This follows a significant layoff in May when parent company GoDigital Media Group cut 150 jobs during an aggressive restructuring process.
Retail chains have been struggling across the U.S., with nearly 3,200 stores closing this year, a 24% increase from 2023. Other notable closures include supermarket chain Stop & Shop and seafood restaurant Red Lobster, which also filed for Chapter 11 bankruptcy.
Liquidation sales will continue until the store’s closure on July 14, and the company will accept gift cards and exchanges up until that date. The store’s website is currently under construction, with promises of an enhanced online shopping experience in the future.
