Another large retail chain has closed its doors as the U.S. economy continues to struggle.
Bob’s Stores, a discount clothing retailer, is going out of business.
All of its locations, primarily in Massachusetts and Connecticut, will be closing.
According to a CBS News report on Tuesday, the company’s owner filed for Chapter 11 bankruptcy due to a severe lack of liquid assets.
The chain’s president, Dave Barton, released a statement about the impending shutdown.
“We regret that our financial position necessitated the liquidation of Bob’s Stores,” Barton said. “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.”
The chain is currently offering significant discounts of up to 70 percent to move inventory.
Bob’s Stores, founded in 1954 by Bob Lapidus, survived for 70 years before being sold, according to CBS News.
Bob's Stores is closing all locations – see the full list of store closures. https://t.co/dJM4mzsUYl
— CBS New York (@CBSNewYork) July 2, 2024
Due to out of control inflation discouraging customers, retail stores across the country are being affected.
CBS News reported that as of May 13, 2024, up to 3,200 stores had closed, marking a 24 percent increase over the same period in 2023.
An April report from the Wall Street Journal found a 78 percent rise in Chapter 11 claims in February compared to February 2023.
On Sunday, cable TV giant Spectrum announced it would be raising its prices.
“While our services have been impacted by rising costs, we strive to keep prices as low as possible,” a representative told CNET.
The company has also been laying off numerous employees, closing call centers in Grand Rapids, Michigan; Columbus, Ohio; and Rochester, Minnesota, resulting in the elimination of 745 jobs.
Shout out to Bob’s Stores. Had a heck of a run.
— 𝘾𝙝𝙧𝙞𝙨 𝙂𝙧𝙤𝙨𝙨𝙚 (@Chris_Grosse) July 2, 2024
This was THE spot for school clothes shopping and discounted replica sports jerseys after a player got traded or cut. iykyk pic.twitter.com/HBkUcrl1w3
