Bob’s Stores is closing all of its stores after nearly 70 years in business | CNN Business

New York
CNN
 — 

Bob’s Stores, a discount store located in northeast America, is shutting down after seven decades in business.

The retailer recently filed for Chapter 11 bankruptcy protection, and as a result, will soon permanently close all 21 of its locations. It will liquidate its inventory in the coming weeks.

“We regret that our financial position necessitated the liquidation of Bob’s Stores,” Dave Barton, president of Bob’s Stores, said in a press release. “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.”

Bob’s has half of its stores in Connecticut, with the remaining in Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. All locations are offering steep discounts on everything the company sells, ranging from shoes to clothing. Discounts span from 30% to 70% off, Bob’s said.

“Customers are encouraged to visit their nearest Bob’s location early to take full advantage of the best selection of discounted merchandise before it sells out,” the company said. Gift cards can still be used until July 14.

Bob’s started in 1954 in Connecticut, when it was originally called “Bob’s Surplus.” It was acquired by Marshalls and T.J.Maxx’s parent company TJX in 2003 and was later sold to private equity firms five years later. In 2022, Bob’s Stores was sold to GoDigital Media Group.

Bob’s joins a growing number of retail bankruptcies in 2024, spurred from a slowdown in consumer spending and rising inflation.