Bob's Stores

Last updated
Bob's Stores
Company type Subsidiary
Industry Retail
Founded1954;70 years ago (1954)
FounderBob Lapidus
Headquarters,
Number of locations
22 (2023)
Products Clothing, footwear
Parent GoDigital Brands
Website bobstores.com

Bob's Stores is a chain of retail stores in the northeastern United States owned by GoDigital Media Group. Founded as Bob's Surplus in Middletown, Connecticut, by Robert "Bob" Lapidus in 1954, the chain expanded gradually until it was acquired by TJX Companies in 2003 and has been reacquired twice more since then. [1] [2] The chain targets moderate-income customers with a selection of footwear, workwear, teamwear, and activewear. [1] [3]

Contents

History

Early years

In 1954, Bob Lapidus opened Bob's Surplus on Main Street in Middletown, Connecticut. [2] [4] His original business strategy was to "Treat all customers with respect and dignity and they will return again and again". [2] As Bob's Surplus increased in popularity, its location was hindering its growth; in 1962, Lapidus moved the store to a larger building across the street. [2] In 1967, the store was forced to move again after a fire destroyed the building. [2]

1970s, 1980s, and early 1990s

In 1975, the second Bob's Surplus was opened in Enfield, Connecticut; the third store was opened in Hamden, Connecticut, in 1981. [2] The chain renamed itself "Bob's Stores" in 1985, and began changing its marketing strategy by emphasizing quality and adding casual activewear to its list of products. [2] [5] In 1990, the chain had expanded to five stores; that year, it was acquired by the Melville Corporation (now CVS Corporation). [2] [4] Bob's expanded rapidly under the corporation; by March 1, 1996 the chain had grown to 34 stores across the northeastern United States. During this period, Melville considered Bob's Stores a key company, stating that they were spending time to "lay a solid base for rapid expansion for Bob's Stores in the years ahead". [5] Bob's Stores remained most popular in its origin state of Connecticut. [5]

Bob's Surplus logo t-shirts

In the 1970s and early 1980s the Bob's Surplus circular logo was featured on a line of very popular t-shirts that were sold inexpensively or given away for free at their stores. Both the t-shirts themselves and the Bob's Surplus logo that was printed on them were available in a large variety of color combinations. When the name of the chain was changed to Bob's Stores in 1985, the word "Surplus" on the logo was switched to "Stores"; however, sometime in the late 1980s a new rectangular Bob's Stores logo was introduced that the company still uses as of October 2018 (see the logo in the top right corner of this webpage). T-shirts with the new rectangular Bob's Stores logo—again in various color combinations—were also sold or given as freebies at their locations in the late 1980s and early 1990s. [6]

Late 1990s

Shopper's World in Framingham, Massachusetts, pictured in 2011. This location closed in 2018. Bob's Stores, Shoppers World, Framingham MA.jpg
Shopper's World in Framingham, Massachusetts, pictured in 2011. This location closed in 2018.

In 1997, Melville sold all of its chains except CVS Pharmacy; Bob's Stores was sold to the chain's management and Citicorp Venture Capital. [2] [4] [7] In 1999, the upper executive level of the chain experienced numerous changes in personnel. Many others in the company became concerned with competition from stores like Kohl's, which began entering Bob's market area in late 1999 by acquiring many former Caldor locations following that chain's liquidation (as well as other stores). [7] However, Bob's focus on sports team-related apparel was considered a strength during this period; one Bob's executive stated that the lack of a consistent national sports champion in the late 1990s hurt larger chains more than they hurt Bob's Stores, because consumers were more interested in regional teams (which the chain supplies). [7] In 2000, Bob's Stores created its first website. [2]

2003 bankruptcy and TJX acquisition

In 2003, Bob's Stores went bankrupt. [8] In late 2003, Dick's Sporting Goods outbid companies such as TJX Companies and tried to buy the chain for over $113 million. [8] [9] Dick's had intended to close most of the Bob's Stores locations. TJX felt that this was unfair to the employees and TJX brought it to court in Maine. The courts sided with TJX to save the thousands of jobs that would have been lost and TJX was allowed to purchase the chain for $113 million. TJX Companies expressed interest in Bob's Stores because it shared similar characteristics to other TJX chains, including large stores and similar brands. [8] Although there were also numerous differences between Bob's Stores and TJX's other chains, one expert felt that this would help diversify TJX's lineup. [8]

Sale and bankruptcy

On August 19, 2008, TJX announced they would sell Bob's to private equity firms Versa Capital Management and Crystal Capital. Bob's Stores launched an online store June 1, 2012.

In April 2016, Vestis Retail Group, the Versa Capital-owned unit which owns the Sport Chalet and Eastern Mountain Sports sporting goods chains as well as Bob's, announced that it had filed for bankruptcy protection and reorganization under Chapter 11 of the United States Bankruptcy Code. Vestis said it would reorganize and focus on the operations of Eastern Mountain and Bob's, while all Sports Chalet stores would close. [10]

Sports Direct acquisition

On April 19, 2017, after expanding to nearly 50 stores at its peak, Sports Direct International plc (Sports Direct) received permission to acquire Bob's Stores and Eastern Mountain Sports following Eastern Outfitters LLC's Chapter 11 filing. 9 out of 13 stores in Connecticut alone were scheduled for closure. [11] [6]

GoDigital acquisition

In May 2022, Bob's Stores and Eastern Mountain Sports was acquired by GoDigital Media Group as part of its strategy to generate synergy between content, community and commerce. [12]

In May 2024, SDI Stores announced its plan to lay off 150 employees based in Meriden, Connecticut after its bank refused to provide funding for its payroll and benefits. The company will look for alternative funding in order to avoid a complete shutdown. [13] [14]

Related Research Articles

<span class="mw-page-title-main">Marshalls</span> American multinational discount department store chain owned by TJX Companies

Marshalls is an American chain of off-price department stores owned by TJX Companies. Marshalls has over 1,000 American stores, including larger stores named Marshalls Mega Store, covering 49 states and Puerto Rico, and 61 stores in Canada. Marshalls first expanded into Canada in March 2011.

Dominion was a national chain of supermarkets in Canada, which was known as the Dominion of Canada when the chain was founded. The chain was founded in 1919 in Ontario and was later acquired by the Argus Corporation. It was later sold to The Great Atlantic & Pacific Tea Company (A&P), which restricted the chain to the Greater Toronto Area. Stores outside Ontario were converted to the A&P banner or sold to third parties. A&P's Canadian division was later acquired by Metro Inc., which rebranded the remaining Dominion stores to its namesake banner in 2008.

<span class="mw-page-title-main">CVS Pharmacy</span> American pharmacy chain

CVS Pharmacy, Inc. is an American retail corporation. A subsidiary of CVS Health, it is headquartered in Woonsocket, Rhode Island. Originally named the Consumer Value Stores, it was founded in Lowell, Massachusetts in 1963.

<span class="mw-page-title-main">Eckerd Corporation</span> Defunct American pharmacy

Eckerd Corporation was an American pharmacy retail chain that was headquartered in Largo, Florida, and toward the end of its life, in Warwick, Rhode Island. At its peak, Eckerd was the second-largest pharmacy chain in the United States, with approximately 2,802 stores in 23 states as far west as Arizona.

<span class="mw-page-title-main">Big Lots</span> American furniture and home decor retail company

Big Lots Stores, Inc. is an American discount retail chain headquartered in Columbus, Ohio, United States.

<span class="mw-page-title-main">Eastern Mountain Sports</span> Outdoor clothing and equipment retailer

Eastern Mountain Sports is an outdoor clothing and equipment retailer in the Northeastern United States headquartered in Meriden, Connecticut.

<span class="mw-page-title-main">Zayre</span> Defunct discount retailer in the United States

Zayre was a chain of discount stores that operated in the eastern half of the United States from 1956 to 1990. The company's headquarters were in Framingham, Massachusetts. In October 1988, Zayre's parent company, Zayre Corp., sold the stores to the competing Ames Department Stores, Inc. chain. In June 1989, Zayre Corp. merged with one of its subsidiaries, The TJX Companies, parent company of T.J. Maxx, which still exists today. A number of stores retained the Zayre name until 1990, by which time all stores were either closed or converted into Ames stores.

<span class="mw-page-title-main">TJX Companies</span> American department store corporation

The TJX Companies, Inc. is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989.

Revco Discount Drug Stores, once based in Twinsburg, Ohio, was a major drug store chain operating through the Ohio Valley, the Mid-Atlantic states, and the Southeastern United States. The chain's stock was traded on the New York Stock Exchange under the ticker symbol RXR. Revco was sold to CVS Pharmacy for $2.8 billion in February 1997. When it was sold, the chain had over 2,500 stores.

Melville Corporation was a large retail holding company incorporated by Ward Melville in 1922 from Melville Shoe Company. Formerly based in Rye, New York, it became CVS Corporation in 1996 under a massive reorganization plan. The company traded on the New York Stock Exchange (NYSE) under the ticker MES, before changing its ticker to CVS.

<span class="mw-page-title-main">Grand Union (supermarket)</span> United States supermarket chain

Grand Union Supermarkets, later known as Grand Union Family Markets and often referred to simply as Grand Union, is an American chain of grocery stores that does business in upstate New York and Vermont, and used to do business throughout most of the northeastern United States. It operated stores in other areas of the country including the midwestern and southeastern states, and internationally in the Caribbean and Canada. The company was founded and headquartered in Scranton, Pennsylvania, and moved to Brooklyn, New York, in the early 20th century. Grand Union moved again to Elmwood Park, New Jersey and finally to Wayne, New Jersey before the company was forced into Chapter 7 bankruptcy in 2001 and sold to C&S Wholesale Grocers.

<span class="mw-page-title-main">TJ Maxx</span> American discount department store chain owned by TJX Companies

TJ Maxx is an American department store chain, selling at prices generally lower than other major similar stores. It has more than 1,000 stores in the United States, making it one of the largest clothing retailers in the country. TJ Maxx is the flagship chain of the TJX Companies. It sells men's, women's and children's apparel and shoes, toys, bath and beauty products, accessories, jewelry, and home products ranging from furniture and decor to housewares and kitchen utensils.

AJWright was a chain of about 129 American retail/outlet stores established in 1998 and owned by TJX Companies. Like its sister company T.J. Maxx, AJWright sold clothing, domestics, giftware, footwear, accessories, and fragrances at prices between twenty and seventy percent below regular prices. AJWright differed from other TJX chains by refreshing its merchandise on a regular basis. For most stores, new shipments arrived every weekday. In early 2011, TJX closed the chain's remaining stores and converted some stores to other TJX brands.

<span class="mw-page-title-main">Peoples Drug</span>

Peoples Drug was a chain of drugstores based in Alexandria, Virginia. Founded in 1905, Peoples was subsequently purchased by Lane Drug in 1975, Imasco in 1984, and finally by CVS in 1990, which continued to run the stores under the Peoples banner until 1994, at which time the stores were converted to CVS, marking the end of the use of the Peoples Drug name.

<span class="mw-page-title-main">Anchor Blue Clothing Company</span> American clothing retailer

Anchor Blue Inc. was an American clothing retailer which had over 100 stores in the western United States. It generally sold its own Anchor Blue brand name of youth-oriented denim, graphic T-shirts and casual clothing. Sometimes the company was referred to as the Anchor Blue Inc., but their retail clothing chain of stores was labeled as Anchor Blue. The Anchor Blue and Miller's Outpost brands were acquired by Perry Ellis International in 2012.

Thom McAn is an American brand of shoes and was formerly a retail chain. It is currently sold in Kmart and Sears stores. It consists of leather-dress, casual, and athletic shoes. Until the 1990s, Thom McAn had hundreds of retail stores in the US, and was one of the oldest and best-known shoe retailers in the country. As of late 2008, the brand was controlled by Sears Brands, LLC.

<span class="mw-page-title-main">G.I. Joe's</span>

G.I. Joe's was a privately owned retail chain for sporting goods, ready-to-wear clothing, and auto parts; that operated stores in the Pacific Northwest region of the northwestern United States.

<span class="mw-page-title-main">Bob's Discount Furniture</span> American furniture store

Bob's Discount Furniture is an American furniture store chain headquartered in Manchester, Connecticut. The company opened its first store in 1991 in Newington, Connecticut and is ranked 12th in sales among United States furniture stores according to Furniture Today's list of Top 100 Furniture Stores. As of March 2022, the company has 150 stores in 24 US states, primarily in the Northeast, Mid-Atlantic, Midwest, and West Coast regions.

Linens 'n Things was a big-box retailer specializing in home textiles, housewares, and decorative home accessories. Based in Clifton, New Jersey, the chain operated 571 stores in 47 U.S. states and six Canadian provinces, and had 7,300 employees as of December 2006. The company's business strategy was "to offer a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values, provide superior guest service, and maintain low operating costs."

References

  1. 1 2 "About Our Company - Bob's Stores". TJX Companies. Archived from the original on February 17, 2007. Retrieved 2007-02-24.
  2. 1 2 3 4 5 6 7 8 9 10 "Bob's Stores - History". Bob's Stores. Archived from the original on February 17, 2007. Retrieved 2007-02-24.
  3. "About Bob's Stores". Bob's Stores. Archived from the original on 2007-02-10. Retrieved 2007-02-24.
  4. 1 2 3 "Bob's Stores Sold by CVS to Group". The New York Times . 1997-11-27. Retrieved 2007-02-24.
  5. 1 2 3 "Melville readies Bob's for spin-off - Bob's Stores Inc". Discount Store News (1996), Gale Group (2004). 1996-04-15. Retrieved 2007-02-24.
  6. 1 2 HC Bob's surplus Middletown legacy courant.com Archived 2018-10-25 at the Wayback Machine
  7. 1 2 3 Duff, Mike (1999-11-08). "Bob's faces executive shake-up - Bob's Stores Inc - Statistical Data Included". Lebhar-Friedman, Inc. (1999), Gale Group (2000). Retrieved 2007-02-24.
  8. 1 2 3 4 Scardino, Emily (2003-12-10). "Bob's brings new dimension to TJX - TJX Companies Inc. acquires Bob's Stores Inc. for less than $100 million". Gale Group. Retrieved 2007-02-24.
  9. "COMPANY NEWS; TJX WINS BIDDING FOR BOB'S, A RETAILER IN BANKRUPTCY". The New York Times . 2003-12-20. Retrieved 2007-02-24.
  10. Dawn McCarty & Steven Church, "Eastern Mountain in Bankruptcy as Shopping Habits Change", Bloomberg News, April 17, 2016.
  11. "Acquisition". otp.investis.com. Retrieved 2017-08-27.
  12. "GoDigital Media Group Acquires Eastern Mountain Sports and Bob's Stores". www.businesswire.com. 2022-05-26. Retrieved 2022-08-29.
  13. "Bob's Stores announces layoffs, could close at end of May". NBC Connecticut. 2024-05-23. Retrieved 2024-05-26.
  14. Soule, Alexander. "Bob's Stores, EMS cutting about 150 jobs at Connecticut facility". CT Insider. Retrieved 2024-05-26.