Bob’s Shops, the beloved retailer that has clothed households throughout the northeast for 70 years, will completely shut its doorways in any respect its places within the US’s newest retail casualty.
The enduring retail big was “unable to safe the funds wanted to keep up operations,” president Dave Barton introduced on Monday.
Bob’s Shops will liquidate its stock at its 21 places all through Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island — providing reductions between 30 and 70 p.c main as much as the shop’s closure on July 14.
“We remorse that our monetary place necessitated the liquidation of Bob’s Shops,” Barton mentioned. “Bob’s has been a stalwart of our native communities for almost 70 years, and we all know our prospects keep in mind us as having been there for main moments of their lives.”
Bob’s Shops is closing its 21 US places on July 14 after it was unable to safe the funds wanted to keep up operations. David P. Willis/Asbury Park Press / USA TODAY NETWORK
The shop, which has 13 places within the New York tri-state space alone, makes a speciality of “footwear, workwear, teamwear and on a regular basis clothes” for households. One New York location, primarily based in Centereach on Lengthy Island, celebrated its grand opening simply this previous December.
“We stay grateful to our distributors, suppliers, prospects and workers for all of their assist through the years,” Barton added.
On June 20, Barton filed for Chapter 11 chapter safety underneath Bob’s Shops and its sister firm Jap Mountain Sports activities, which employs 290 full-time and 481 part-time employees.
In response to the court docket submitting, each firms share a headquarters and distribution middle in Meriden, Conn.
In Could, mum or dad firm GoDigital Media Group abruptly laid off 150 employees on the facility when it opted to “function from their bigger shops and remotely” over an “aggressive” restructuring course of.
Bob’s Shops makes a speciality of “footwear, workwear, teamwear and on a regular basis clothes” Bob’s Shops
Barton claimed each Bob’s Shops and Jap Mountain Sports activities generated $131.85 million in web income through the 2023 calendar 12 months.
Nevertheless, PNC Financial institution alleged it’s owed almost $30 million plus a further $27 million in unpaid lease and operational debt.
The businesses additionally accrued $935,000 in unpaid wage obligations, based on the petition.
The shop’s web site is listed as “underneath building” with a message of a future “enhanced on-line buying expertise.”
Entrepreneur Bob Lapidus began Bob’s Shops — then generally known as Bob’s Surplus — as a small store in Middletown, Conn in 1954. The retailer expanded to greater than 35 shops all through the Northeast earlier than it was hit with a collection of chapter filings.
Bob’s Shops began in Connecticut and expanded to greater than 30 shops all through the Northeast. Newsday through Getty Photos
Retail chains are closing almost 3,200 shops this 12 months — a 24 p.c improve from 2023, based on an evaluation from CoreSight Analysis.
In Could, grocery store Cease and Cease closed quite a few shops throughout the northeast citing underperformance whereas seafood restaurant Pink Lobster shut its doorways to at the very least 50 of its places and filed for Chapter 11 chapter.