BOB’S Stores announced the closure of 10 stores amid high inflation and the increase in online shopping.
Due to the shutdowns, stores are on sale with up to 50% off items.
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In May, Bob’s Stores and sister brand Eastern Mountain Sports laid off 150 people at their headquarters in Meriden, Connecticut, and decided to close 10 locations in the Northeast, according to CT Insider.
The layoffs were scheduled to begin on June 14.
CEO David Barton said the company was trying to secure different financing in a letter to the state Department of Labor.
“We would have liked to have given more advance notice of this action, but were unable to do so because the bank informed us last week that it will refuse to fund employee health insurance premiums, 401K administration, payroll, as well as other obligations critical financial issues,” CEO David Barton wrote to the Department of Labor about the abrupt layoffs.
READ MORE about store closures
“As of this date, they remain steadfast in their position despite our continued efforts to convince them otherwise.”
For companies to survive the in-person shopping drought and the problems of rising inflation, they need to rely on their loyal customers to prove that they still have a promising business model.
“Bob’s and EMS know how to run good, profitable, productive stores that offer great merchandise at great value,” said Burt Flickinger III, managing director of Manhattan-based retail and consumer packaged goods consulting firm Strategic Resource Group, according to with CT Insider.
“But they are facing a growing retail ice age.”
CLOSING LOCATIONS
Locations across the East Coast are preparing for the imminent closure.
No specific closing date has been released.
However, an EMS location in Albany, NY has now closed
Another EMS in Manchester, NH announced it was under construction.
Additional EMS closures include Deptford, NJ, Freeport, ME, and two in Massachusetts, including Burlington and Hyannis.
Bob’s Stores will have four upcoming closures, two in Connecticut, Hamden and Southington, and two in New Jersey, Freehold and Watchung.
Bob’s Stores and EMS store closures
Bob’s Stores and Eastern Mountain Sports announced 10 closures across the East Coast.
The Bob’s Stores that plan to close are:
- Hamden, CT
- Southington, Connecticut
- Freehold, NJ
- Watchung, NJ
Eastern Mountain Sports store closings include:
- Burlington, Massachusetts
- Deptford, New Jersey
- Porto Livre, ME
- Hyannis, MA
EMS locations in Albany, NY and Manchester, NH are now closed.
Exact closing dates have not been disclosed.
According to SGB Media
Employees from both stores shared a statement with the store in response to the closures that said: “Bob’s Stores and Eastern Mountain Sports are in the midst of aggressive changes to ensure the future health of our company.
“As part of these changes, we have made the difficult decision to close 10 underperforming stores.
“We are actively working to relocate as many employees as possible from these affected locations to nearby Bob’s and Eastern Mountain Sports stores.”
He added: “These closures were a challenging but necessary step to ensure the longevity of the company. We are grateful for the hard work and dedication of all of our employees and will continue to serve our loyal customers who have come to know and love our brands. for decades.”
Both retailers have been running storewide sales that also apply to locations that remain open.
There are discounts of 30% to 50% and signs saying “Everything must go!”
While there are a number of closures, new locations are still in the works.
A Bob’s and EMS store in Norwalk is still expected to open in late June, company officials said, according to CT Insider.
The US Sun attempted to contact Bob’s Stores and EMS for comment, but their websites were down.
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This story originally appeared on The-sun.com read the full story
