OAN’s James Meyers
10:11 AM – Wednesday, July 3, 2024
Bob’s Stores, a clothing store chain located in the northeast that has been in business for the past 70 years, will be closing all its locations in the U.S.’s latest retail casualty.
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“We regret that our financial position necessitated the liquidation of Bob’s Stores,” Dave Barton, president of Bob’s Stores, said in a press release. “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.”
Bob’s Stores will liquidate its inventory at its 21 locations throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island. The chain had offered discounts between 30% to 70%, leading up to the store’s closure on July 14th.
The chain specializes in “footwear, workwear, teamwear and everyday clothing” for families.
One New York location of Bob’s Stores had just celebrated its grand opening this past December.
“We remain grateful to our vendors, suppliers, customers and employees for all of their support over the years,” Barton added.
On June 20th, Barton filed for Chapter 11 bankruptcy protection under Bob’s Stores and its sister company Eastern Mountain Sports, which employs 290 full-time and 481 part-time workers.
According to the court filing, both companies share a headquarters and distribution center in Meriden, Connecticut.
In May, parent company GoDigital Media Group let go of 10 workers at the facility when it opted to “operate from their larger stores and remotely” over an “aggressive” restructuring process.
Additionally, Barton stated that both Bob’s Stores and Eastern Mountain Sports brought in $131.85 million in net revenue during the 2023 calendar year.
However, PNC Bank has allegedly claimed it is owed almost $30 million and an additional $27 million in unpaid rent and operational debt.
According to the petition, the companies also accrued $935,00 in unpaid wage obligations.
The store’s website is now listed as “under construction” with a message of a future “enhanced online shopping experiences.”
Meanwhile, throughout the U.S., retail chains are closing an estimated 3,200 stores this year, which is a 24% increase from 2023, according to CoreSight Research.
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