Iconic discount retailer Bob’s Stores, in business for seven decades, is closing down all 21 locations after filing for Chapter 11 bankruptcy. The Northeast American chain, known for its affordable shoes and clothing, will liquidate inventory with discounts ranging from 30% to 70% off. President Dave Barton expressed regret over the financial necessity of the closure, emphasizing Bob’s longstanding presence in local communities. Founded in 1954 as Bob’s Surplus, the store was acquired by TJX Companies in 2003 before changing hands multiple times. Customers are urged to take advantage of discounted merchandise before it sells out, with gift cards valid until July 14. The closure of Bob’s Stores is reflective of a wider trend in retail bankruptcies in 2024, driven by economic pressures like shrinking consumer spending and rising inflation.