Yet another large business chain has shuttered its doors as the U.S. economy continues to flounder.
Bob’s Stores, a discount clothing store franchise, is going out of business.
All the business’s many locations, most of which are in Massachusetts and Connecticut, will be shutting their doors.
According to a Tuesday report from CBS News, the owner of the company filed for Chapter 11 bankruptcy due to a severe lack of liquid assets.
The chain’s president, Dave Barton, released a statement announcing 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 large discounts of as much as 70 percent in order to clear store shelves.
Bob’s Stores survived for 70 years, having been founded in 1954 by Bob Lapidus, who later sold the company, 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
It’s not just Bob’s Stores that’s been hit by closures and bankruptcy, however.
Due to rampant inflation discouraging customers, retail stores across the country are being hit, too.
CBS News reported that in 2024 up to 3,200 stores shuttered their doors as of May 13, a 24 percent increase over the same time period in 2023.
Another April report from The Wall Street Journal found that, in February there was a 78 percent rise in Chapter 11 claims compared to February 2023.
According to the Journal, businesses that were kept alive by government aid following the 2020 pandemic are finally feeling the effects of the economic shutdowns now that that aid is cut off.
Larger corporations are also feeling the effects of continued U.S. economic woes.
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.
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The company has also been laying off numerous employees.
Spectrum closed call centers in Grand Rapids, Michigan; Columbus, Ohio; and Rochester, Minnesota. As a result, the company eliminated 745 jobs.
