Two famous chains are now closing locations nationwide, leading experts to believe bankruptcy for either company may be underway.
Bob’s Stores, a discount clothing chain, and Eastern Mountain Sports, now known as EMS, a sporting goods retailer focused on outdoor sports, have been closing locations in New England.
The two chains, which now have the same owner, each operate 12 locations in Connecticut along with locations in Maine, Massachusetts, New Hampshire, New Jersey, New York, and Vermont.
Those stores are supported by a 240,000-square-foot headquarters and distribution center in Meriden, Connecticut.
The company has suddenly laid off approximately 150 workers at that location, CTInsider originally reported.
“We would like to have given you more notice of this action but were unable to do so because the bank has informed us within the last week that it will refuse to fund the employee health insurance premiums, 401k administration, payroll, as well as other critical financial obligations which, if not paid, will likely prevent us from being able to operate the business going forward,” Bob’s and EMS President David Bartonwrote in a May 21 letter to the state Department of Labor and Meriden Mayor Kevin Scarpati.
“As of this date, they remain firm on their position despite our continuing best efforts to convince them otherwise.”
That news was followed by Bob’s and EMS’ sharing closure notices for roughly 10 locations.
Both the Bob’s and EMS websites are currently not working although they offer slightly different reasons for that.
Bobstores.com blames the outage on maintenance.
“Under construction. Pardon our mess while we make some planned updates to our website.
We’ll be back soon with an enhanced online shopping experience!
In the meantime, our stores are open and stocked.
Come in for the best deals on the brands you love,” the company shared on its web page,
EMS has a similar message but makes it slightly more playful
“Gone hiking.
Except our IT department who are hard at work making planned updates to our website.
Take a break, get outside, or stop by your local EMS store in the meantime.
We’ll see you back on our new, enhanced website soon,” EMS shared.
There is no way to contact either brand on its website.
However, CTInsider was sent a statement on the store closures.
“Bob’s Stores and Eastern Mountain Sports are in the midst of making aggressive changes to ensure the future health of our company,” the statement said.
“As part of these changes, we have made the difficult decision to close 10 under-performing stores.
We are actively working to relocate as many employees as possible from these impacted locations to nearby Bob’s and Eastern Mountain Sports stores.”
For more store closure news and updates like this, opt-in for push notifications.
Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.