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Bob’s Stores on Monday announced the impending closure of every one of its nearly two dozen clothing retail stores.
The retailer started conducting “Going Out of Business” sales at its 21 locations in six Northeastern states to offload all of its merchandise late last week, according to Hilco Merchant Resources, one of the firms handling the liquidation.
The shuttering of its entire retail footprint is linked to Bob’s Stores filing for Chapter 11 bankruptcy on June 18. Eastern Mountain Sports, which shares a parent company, also sought that protection.
Bob’s Stores is undergoing bankruptcy proceedings through the U.S. Bankruptcy Court in Delaware. ( / iStock)
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Here are the states and number of Bob’s Stores shuttering in each of them:
- Connecticut: 10
- Massachusetts: 6
- New Hampshire: 1
- New Jersey: 1
- New York: 2
- Rhode Island: 1
An inability of Bob’s Stores to “secure the finances needed to maintain operations” precipitated the folding of its locations, according to the press release.
The GoDigital Media Group-owned brand had previously made “swift and aggressive changes to the company’s structure and operations” to no avail, it said.
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“We regret that our financial position necessitated the liquidation of Bob’s Stores,” Bob’s Stores President Dave Barton said 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.”
A Bob’s Stores location in Patchogue, New York, is seen on Dec. 31, 2019. (Thomas A. Ferrara/Newsday RM via / Getty Images)
Under the ongoing liquidation sale, Bob’s is slashing 30%-70% off the prices of its inventory.
It will allow exchanges through July 14, according to the release. That is also the same day it will stop taking gift cards and merchandise credits.
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“Top-selling items from the most popular brands will be discounted and will sell out very quickly,” Hilco said.
The retailer is undergoing its bankruptcy proceedings through the U.S. Bankruptcy Court in Delaware.