Meriden, Conn. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden, Conn.-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations.
Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30% to 70% off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island.
Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14.
“We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.”
Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted to four different bankruptcies and changing owners five different times.
GoDigital Media Group is a conglomerate that also owns Eastern Mountain Sports, an outdoor clothing and equipment retailer that recently announced store closures.
Goldstein & McClinton LLLP is serving as legal advisor to Bob’s.
— Kristin Harlow