Bob’s Stores, a beloved store that has provided clothing to Northeast families for 70 years, is closing all of its locations for good, America’s latest retail casualty.
The iconic retail giant was “unable to secure the necessary capital to continue operations,” president Dave Barton said in a statement Monday.
Bob’s Stores will liquidate inventory at 21 stores in Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island and offer discounts of 30 to 70 percent ahead of closing on July 14.
“We are saddened that our financial situation has forced us to close Bob’s Stores,” Burton said, “Bob’s has been a trusted presence in the local community for nearly 70 years, and our customers will remember us being there during some of life’s defining moments.”
The company operates 13 stores in just three New York states, specializing in “shoes, workwear, teamwear and casual wear” for the whole family. Its store in Centereach, Long Island, New York, had its grand opening in December of last year.
“We are grateful for the support of our vendors, suppliers, customers and employees over the years,” Barton added.
On June 20, Burton filed for Chapter 11 bankruptcy protection under Bob’s Stores and its sister company, Eastern Mountain Sports. The two companies employ 290 full-time and 481 part-time employees.
According to court documentsBoth companies have their headquarters and distribution center in Meriden, Connecticut.
In May, parent company Go Digital Media Group went through an “aggressive” restructuring process, opting to “operate remotely from our larger stores,” and abruptly laid off 150 employees at the facilities.
Burton claimed that both Bob’s Stores and Eastern Mountain Sports generated net revenues of $131.85 million during the 2023 calendar year.
But PNC Bank argued it owes about $30 million in unpaid rent and operating liabilities, plus another $27 million.
The companies also owed $935,000 in unpaid wages, according to the petition.
The store’s website is listed as “under construction” and also features a message that an “enhanced online shopping experience” will be available in the future.
Entrepreneur Bob Lapidus started Bob’s Stores (then known as Bob’s Surplus) as a small store in Middletown, Connecticut in 1954. The retailer expanded to more than 35 stores across the Northeast before being hit by a series of bankruptcy filings.
Retail chains plan to close about 3,200 stores this year, up 24% from 2023, according to an analysis by Coresight Research.
In May, supermarket chain Stop & Stop closed numerous stores across the Northeast due to poor business performance, and seafood restaurant Red Lobster closed at least 50 locations and filed for Chapter 11 bankruptcy protection.
