BIDENOMICS claims another victim: Retail store chain Bob’s Stores to close down all locations by July 14
07/05/2024 / By Richard Brown
Bob’s Stores, a retailer specializing in athletic and casual clothing across six states, is closing all its locations.
The chain currently has “Going Out Of Business” sales that offer customers massive discounts of between 30 to 70 percent off, and the company’s website is no longer operational.
Shoppers can find reduced prices on top national brands like Nike. Additionally, select store fixtures, furniture and equipment, including TVs and registers, are available for purchase.
The 40-year-old chain, which operated in Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island, will permanently close after the final day of business on July 14. (Related: Casual dining restaurant chain Hooters CLOSES several locations nationwide as “restaurant apocalypse” worsens)
Dave Barton, president of Bob’s Stores, announced the news, stating, “We regret that our financial position necessitated the liquidation of Bob’s Stores. 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 the close of business on July 14. Since the website is non-functional, all clearance sales will occur in-store.
Closure announcement comes following bankruptcy filings
Less than two weeks ago, Bob’s Stores and its sister retailer, Eastern Mountain Sports (EMS), filed for Chapter 11 bankruptcy. The two retailers share a 240,000-square-foot headquarters and depot in Meriden, Connecticut.
In May, parent company GoDigital Media Group announced plans to lay off 150 staff members and close 10 stores across both brands. Despite these cost-cutting efforts, the company filed for Chapter 11 bankruptcy on June 21. While Bob’s Stores suffered a worse fate afterward, there are no further closures or staff reduction plans for EMS.
Brick-and-mortar retailers, particularly those selling sporting goods, have struggled in recent years. Families most affected by inflation have prioritized spending on food and essential clothing over non-essential items like sports goods.
Although sports retailers experienced a boost during the pandemic as people attempted to stay fit, they have since faced declining sales.
Barton, who also serves as CEO of EMS, informed the bankruptcy court that the company owes PNC Bank $30 million. Furthermore, Bob’s Stores owes an additional $27 million in unpaid rent and other debts.
Bob’s Stores and EMS have long histories in Connecticut. Bob’s Stores was named after founder Bob Lapidus, who opened the first store in 1954 in Middletown, Connecticut.
The brand was acquired by Marshalls and TJ Maxx owner TJX in 2003 before being sold off again in the aftermath of the Great Recession in 2008.
Burt Flickinger III, managing director of retail consulting firm Strategic Resource Group, commented: “Bob’s and EMS know how to run good, profitable, and productive stores that offer great merchandise with great value, but they’re facing an accelerating retail ice age.”
In 2024, many smaller chains, already reeling from the pandemic, have faced higher business costs, particularly labor. There have been nearly 2,600 store closures so far in 2024.
Recently, Walmart closed three more underperforming locations, and Rite Aid is shutting down 27 pharmacies.
Dollar stores have also been severely affected, with 99 Cents Only announcing in April that it would shutter all 371 of its locations across California, Texas, Arizona and Nevada. Additionally, 1,000 Family Dollar and Dollar Tree stores will be permanently shut down over the next few years.
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More related stories:
Rite Aid to CLOSE 27 more stores due to ongoing bankruptcy proceedings.
America is in the middle of a “restaurant apocalypse,” an ominous sign for the U.S. economy.
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