2024 retail bankruptcies rise as Bob’s Stores shuts down after 70 years of operation”.

In 2024, retail bankruptcies have become a growing trend, and Bob’s Stores, a discount store based in northeast America, is the latest casualty. The retailer recently filed for Chapter 11 bankruptcy protection and will be permanently closing all 21 of its locations. Customers are urged to take advantage of discounts ranging from 30% to 70% off on all items before merchandise sells out.

Bob’s Stores has been a staple in local communities for nearly 70 years, with locations in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island. The closure of the stores will leave customers without access to affordable goods at discounted prices.

The president of Bob’s Stores, Dave Barton, expressed regret over the financial position that led to the liquidation of the stores. He stated that Bob’s Stores was established in 1954 under the name “Bob’s Surplus” and later acquired by TJX Companies in 2003 before being sold to private equity firms in 2022. However, despite these changes in ownership, Bob’s Stores could not overcome reduced consumer spending and rising inflation.

Customers are encouraged to visit their nearest Bob’s location to make purchases before merchandise sells out. Gift cards will still be valid until July 14th. While saddened by the closure of this beloved retailer, customers can continue to support similar businesses that offer affordable goods at discounted prices.