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Bob’s Shops, which has places within the northeast US, is shutting down.
New York
CNN
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Bob’s Shops, a reduction retailer positioned in northeast America, is shutting down after seven a long time in enterprise.
The retailer just lately filed for Chapter 11 chapter safety, and in consequence, will quickly completely shut all 21 of its places. It would liquidate its stock within the coming weeks.
“We remorse that our monetary place necessitated the liquidation of Bob’s Shops,” Dave Barton, president of Bob’s Shops, mentioned in a press launch. “Bob’s has been a stalwart of our native communities for almost 70 years, and we all know our clients keep in mind us as having been there for main moments of their lives.”
Bob’s has half of its shops in Connecticut, with the remaining in Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. All places are providing steep reductions on all the pieces the corporate sells, starting from footwear to clothes. Reductions span from 30% to 70% off, Bob’s mentioned.
“Clients are inspired to go to their nearest Bob’s location early to take full benefit of the most effective choice of discounted merchandise earlier than it sells out,” the corporate mentioned. Present playing cards can nonetheless be used till July 14.
Bob’s began in 1954 in Connecticut, when it was initially referred to as “Bob’s Surplus.” It was acquired by Marshalls and T.J.Maxx’s mum or dad firm TJX in 2003 and was later offered to non-public fairness companies 5 years later. In 2022, Bob’s Shops was offered to GoDigital Media Group.
Bob’s joins a rising variety of retail bankruptcies in 2024, spurred from a slowdown in shopper spending and rising inflation.