Last week, Bob’s Stores, a long-standing network of clothing stores in the Northeast, announced that it is closing due to bankruptcy and inability to acquire finance.
Before disclosing it would close every location, Bob’s Stores first said it would close a certain number of stores.
Bob’s sells clothing from NFL, NBA, and MLB clubs in addition to labels like Carhartt, Adidas, and Nike. Stores in Rhode Island, Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Connecticut are having “going out of business” sales in these last few days.
On everything, including shoes and team apparel, shoppers may find discounts of up to 70%.
Bob’s started as a single surplus business in Connecticut when it was founded in 1954. Eventually, it grew to thirty locations in Rhode Island, Connecticut, Massachusetts, New Hampshire, New Jersey, and New York. However, Bob went through a period of financial instability at the start of this century from which it never fully recovered. The parent company of Bob’s Stores and Eastern Mountain Sports (EMS), Bob’s EMS Holdings, filed for Chapter 11 bankruptcy in the Delaware U.S. Bankruptcy Court. CEO David Barton stated in court records that the merchants, who run over 50 outlets and employ almost 800 people full- and part-time, made $131.85 million in net sales last year.
The retailer was declared in default on its debts by PNC Bank on March 29, 2024, which sparked the filing. Apart from the $29.4 million that Bob’s EMS owes PNC, the company also owes roughly $27 million to suppliers and landlords. According to a statement, the business owes employees around $935,000, which is more than the typical bi-weekly wage of $770,000. As a result, it requires an emergency financial injection to satisfy its payroll commitments.
The EMS website listed “everything on sale,” while Bob’s website stated it was “under construction.”
Bob’s President Dave Barton praised the chain’s local heritage in a statement.
“We regret that our financial position necessitated the liquidation of Bob’s Stores,” he added. For almost 70 years, Bob’s has been a mainstay in our neighbourhood, and we are aware that many of our patrons remember us from important life events. We are still appreciative of the assistance that our suppliers, customers, workers, and vendors have given us throughout the years.”
Bob’s shops will be offering liquidation-level reductions on their signature workwear, footwear, teamwear, and daily family-oriented clothes through July 14 at all remaining locations. There will also be sales of a selection of furniture, equipment, and store fixtures.
It’s frustrating to live in Southington. There’s nothing else in town to buy sneakers “A regular customer from a Connecticut store wrote.
According to a different resident, the closures were surprising.