Bob’s Stores has experienced four bankruptcy filings, multiple restructurings, and a handful of acquisitions. Now, the 70-year-old Northeast clothing chain is officially shutting down operations.
In June, the retailer filed for Chapter 11 bankruptcy. Since then, it’s announced a failure to secure the financing to hold down the company’s locations, prompting a mass shutdown. All 21 stores across the northeast will now hold liquidation sales, with an official close date set for July 14.
Bob’s first location opened 70 years ago in Middletown, Connecticut, where most of their locations remain. Bob’s locations are now spread across the northeast, including Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island. All of these locations are now closing up shop, offering 30-70% discounts along the way.
The shutdown brings to a close 30 years of business struggles. In 1997, the Melville Corporation, now CVS Corporation, sold off Bob’s only seven years after the acquisition. Six years later, Bob’s filed for its first bankruptcy. Dick’s Sporting Good’s and TJX Companies entered a bidding war for the failing retailer, with TJX ultimately winning out. In 2008, TJX sold Bob’s to private equity firms Versa Capital Management and Crystal Capital. Versa Capital’s Vestis Retail Group filed for bankruptcy eight years later; Versa created a new holding company, Eastern Outfitters, to store Bob’s, but they filed for bankruptcy just a year later. After sales to Sports Direct and GoDigital Media Group, Bob’s finally found a place to rest.
“We regret that our financial position necessitated the liquidation of Bob’s Stores,” Bob’s president Dave Barton wrote in a statement. “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.”