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Bob's Stores to shut ALL stores - week after filing for bankruptcy
Bob's Stores, which sells athletic and casual clothing across six states, is shutting all its stores.
It began 'Going Out Of Business' sales on Friday, with customers able to pick up goods with 30 to 70 percent off at the 21 stores. The website no longer works.
Shoppers will find reduced prices on leading national brands like Nike across the stores. Select shop fixtures, furniture, and equipment like TVs and registers will also be on sale.
But then the 40-year-old chain - which operated in Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island - will be gone forever after the final day of business on July 14.
'We regret that our financial position necessitated the liquidation of Bob's Stores,' Dave Barton, president of the retailer said announcing the news.
Bob's Stores and sister retailer Eastern Mountain Sports have together shut ten stores in June. This is an earlier closure at 499 Sunrise Highway in Patchogue, New York in 2019
'Bob's has been a stalwart of our local communities for nearly 70 years, and we know our customers remember us as having been there for major moments in their lives.
'We remain grateful to our vendors, suppliers, customers and employees for all of their support over the years.'
Gift cards and merchandise credits will be honored through close of business on July 14.
Bob's Store's website is not currently working. It is understood the clearance will be done only from stores, rather than via online.
It was under two weeks ago that Bob's Stores, along with its sister retailer Eastern Mountain Sports, filed for Chapter 11 bankruptcy.
The two retailers share a 240,000 square foot headquarters and depot in in Meriden, Connecticut. In May, they announced plans to lay off 150 staff there and also shut ten stores across the two brands.
But that was not enough to balance the books, and on Friday, June 21, they filed for Chapter 11 bankruptcy.
At the moment there are no further closures planned for EMS.
Bricks-and-mortar retailers are struggling generally but those selling sporting goods have been hit hardest.
Families most affected by inflation have chosen to spend of food and essential clothing, rather than non-essential items like sports goods. Sports retailers had received a boost during the pandemic as people attempted to keep fit.
Dave Barton, CEO of both brands, told the bankruptcy court that the company owes PNC Bank $30 million, plus another $27 million in unpaid rent and other debts.
The two chains have long histories in Connecticut.
Bob's is named after founder Bob Lapidus, who opened the first store in 1954 in Middletown in Connecticut.
The brand was acquired by Marshalls and TJ Maxx owner TJX in 2003 before being sold to private equity firms in 2008.
'Bob's and EMS know how to run good, profitable and productive stores that offer great merchandise with great value,' Burt Flickinger III, managing director of retail consulting firm Strategic Resource Group, told CT Insider.
'But they're facing an accelerating retail ice age.'
Bob's and Eastern Mountain are not alone in having financial problems in 2024. Many smaller chains, already reeling from the pandemic, have faced higher costs of business, particularly labor.
The two chains have long histories in Connecticut, though they have stores in other states
Bob's Stores has opened outlets recently but is now closing them
There have been almost 2,600 store closures so far in 2024.
In recent weeks, Walmart has closed three more of its underperforming locations, while Rite Aid is shutting another 27 pharmacies.
Dollar stores have been hit hard too, with 99 Cents Only announcing in April it would shutter all 371 of its locations across California, Texas, Arizona and Nevada.
Similarly, 1,000 Family Dollars and Dollar Trees will permanently shut over the next few years.
And last week it emerged that an Iconic Texas store loved by Drake abruptly shuttered after two decades
Pinto Ranch, a popular Texas retailer carrying stylish cowboy hats and boots, has been frequented by rapper Drake and singer-actress Letoya Luckett. It also has locations in Dallas and Houston's George Bush Airport, both of which are also closed.