In 2024, retail bankruptcies are on the rise and Bob’s Stores, a discount store located in northeast America, is no exception. After operating for seven decades, the retailer has recently filed for Chapter 11 bankruptcy protection and will be permanently closing all 21 of its locations. The stores, which are located in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island, will liquidate their inventory in the coming weeks.
Dave Barton, President of Bob’s Stores, expressed regret over the financial position that led to the liquidation of the stores. Bob’s Stores has been a staple in local communities for nearly 70 years and customers are urged to take advantage of discounts ranging from 30% to 70% off on all items before the merchandise sells out. Gift cards will still be valid until July 14th.
Bob’s Stores was established in 1954 in Connecticut under the name “Bob’s Surplus”. It was later acquired by TJX Companies in 2003 and sold to private equity firms before being acquired by GoDigital Media Group in 2022. The closure of Bob’s Stores is part of a larger trend of retail bankruptcies that has been caused by reduced consumer spending and rising inflation.
