Hilco Merchant Resources and Gordon Brothers have formed a joint venture to oversee the liquidation process of Bob’s Stores. The 70-year-old discount chain, owned by GoDigital Media Group, will be closing all 21 locations across six states and selling off its inventory as part of a Chapter 11 restructuring petition filed in June.
Despite implementing significant changes to their structure and operations, Bob’s Stores was unable to secure the necessary funds for continued operation. In a statement released by the company, they expressed regret over this outcome but acknowledged that Going Out of Business sales began last week.
According to Dave Barton, president of Bob’s Stores: “We are saddened that our financial situation has led us down this path. For almost seven decades, we have been an integral part of our local communities and have been there for our customers during important moments in their lives. We are grateful for the support from our vendors, suppliers,customers,and employees throughout these years.”
Bob’s Surplus was founded in Middletown,Ct.in1954andhasoperatedstoresin Connecticut,Masachusetts,Nw Hampshire,Nw Jersey,Ny,and Rhode Island.
Photo credit: John Phelan/Wikipedia
The article titled “Discount Chain Bob’s Stores Enters Chapter 11 Liquidation” originally appeared on Connect CRE.
