Another beloved retailer just bit the dust after trying to survive in Joe Biden’s economy

PCHS-NJROTC, CC BY-SA 4.0, https://creativecommons.org/licenses/by-sa/4.0, via Wikimedia Commons

So many retailers, restaurants, and other types of companies have shut down recently that it’s tough to keep track of.

Although most companies want to try and stave off bankruptcy filings, in some cases it’s simply unavoidable.

And another beloved retailer just bit the dust after trying to survive in Joe Biden’s economy.

Bob’s Stores is closing all of its locations

After 70 years in business, the beloved retailer Bob’s Stores will permanently shutter all of its locations in the U.S.

The retailer is just the latest in a string of retail casualties affecting consumers nationwide.

Bob’s Stores are located in the Northeastern part of the country, and according to company president Dave Barton, it was “unable to secure the finances needed to maintain operations.”

The stores will liquidate all of their inventory at 21 locations in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island.

Each store will offer deep discounts of between 30 and 70 percent until they close for good on July 14.

“We regret that our financial position necessitated the liquidation of Bob’s Stores. 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,” Barton said. 

The store has 13 locations just in the New York tri-state area alone and sells items like “footwear, workwear, teamwear, and everyday clothing.”

The retailer’s location in Centereach on Long Island in New York just had a grand opening this past December.

Barton added that the company “remain[s] grateful to our vendors, suppliers, customers, and employees for all of their support over the years.”

He filed for Chapter 11 bankruptcy protection under Bob’s Stores and its sister company, Eastern Mountain Sports, on June 20.

The company currently employs 290 full-time and 481 part-time workers who will now need to look for a new job.

Both companies are headquartered with a distribution center in Meriden, Connecticut, according to the court filing.

Going under despite making a profit

According to Barton, both Bob’s Stores and Eastern Mountain Sports had $131.85 million in net revenue during 2023, but PNC Bank alleges that it is owed $30 million and an additional $27 million in unpaid rent and operational debt.

Both companies also racked up a total of $935,000 in unpaid wage obligations, according to information in the filing.

Currently, the Bob’s Stores website shows it as being “under construction” with a note about creating an “enhanced online shopping experience” in the future.

Bob’s Stores, originally known as Bob’s Surplus, was started by entrepreneur Bob Lapidus in Middletown Connecticut in 1954.

The company expanded to over 35 stores throughout the Northeast until it was hit with a slew of bankruptcy filings.

But Bob’s is not alone, as various retailers are closing nearly 3,200 stores nationwide this year.

This is a 24 percent increase from 2023, according to data from CoreSight Research.

The supermarket chain Stop and Shop closed several stores throughout the Northeast in May and cited underperformance as the reason.

Patriot Political will keep you up-to-date on any developments to this ongoing story.