Bob’s Stores Are Officially Closing Their Doors for Good After 70 Years in Business

Bob’s Stores is shutting down after years and years in business. The retailer has been known for carrying everything from shoes to clothes at deep discounts for customers.

So, what happened? Here’s what you need to know about Bob’s Stores and why your local shop is closing, which means you'll soon have to find another discount store to save money and get ahead financially .

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1. What was Bob’s Stores?

Bob’s Stores was a chain of retail stores that focused on discounted items, with products like activewear, business clothing, and shoes.

The store began in Connecticut 70 years ago, with locations throughout the Northeast, including stores in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island.

2. Why did Bob’s Stores close?

In July, Bob’s Stores announced that it could no longer sustain its business despite changes to the company’s business operations and strategy.

It officially filed for Chapter 11 bankruptcy, with plans to liquidate all of its inventory and shutter its store locations. As of July 14, it’s also no longer accepting gift cards or refunds and exchanges.

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3. Where were Bob’s Stores located?

At the time of the bankruptcy filing, Bob’s Stores had 21 locations, with the news affecting all of those stores.

The company was based in the Northeast, with 10 locations in Connecticut, six locations in Massachusetts, two locations in New York, and one location each in New Hampshire, New Jersey, and Rhode Island.

4. How much can you save at Bob’s Stores?

The company announced that it would be discounting merchandise in order to help liquidate its assets as part of its Chapter 11 bankruptcy filing.

It’s unclear exactly when the last of the Bob’s Stores locations planned to close. Customers were told to expect discounts of 30% to 70% as part of the liquidation plans for the store.

5. Bob’s Stores isn’t the only one filing for bankruptcy

Retail stores have been struggling for a variety of reasons lately, including rising costs.

Stores that belonged to the 99 Cents Only chain shut down as part of that retailer’s bankruptcy filing. There are plans to reopen some of these locations in the fall. Dollar Tree acquired these locations as part of the liquidation of 99 Cents Only’s assets.

Earlier this year, apparel retailer rue21 also filed for bankruptcy and closed all of its locations as part of a shutdown process.

Bottom line

It can be difficult to find ways to save money shopping when discount retailers such as Bob’s Stores shut their doors, but there are other ways to shore up your finances.

Check your budget and adjust it from time to time to find new ways to save cash. Or, put money into an emergency fund or pay off debt and set yourself up for more financial success.

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