Bob Lapidus, the founder of Bob’s Stores, opened the first “Bob’s Surplus” store in Middletown, Connecticut in 1954. The brand was later acquired by TJX, the owner of Marshalls and TJ Maxx, in 2003 before being sold to private equity firms in 2008. The retail industry has seen a significant increase in store closures in recent years due to bankruptcies and the impact of inflation on consumer spending. Unfortunately, it seems that Bob’s Stores is not immune to these challenges.
The company, which has multiple locations in Connecticut and Massachusetts, is currently undergoing liquidation sales with discounts ranging from 30% to 70% off regular retail prices. This includes locations in New York, New Hampshire, New Jersey, and Rhode Island as well. Customers can use gift cards and make exchanges until July 14. Store fixtures, furniture, and equipment will also be available for sale as part of the liquidation process.
Dave Barton, president of Bob’s Stores, expressed regret over the financial situation that led to the closure of all stores. He acknowledged the store’s nearly 70-year presence in local communities and its significance in customers’ lives. While it is difficult to say goodbye to such a beloved institution, it is important to remember that this decision was made due to a “liquidity crisis.” It is always sad when a business closes its doors permanently but sometimes it is necessary for survival.
