Bob's Stores
Encyclopedia
Bob's Stores is a chain of 35 American
retail stores in the northeastern U.S. owned by Versa Capital Management. Founded as Bob's Surplus in Middletown, Connecticut
, by Bob Lapidus in 1954, the chain expanded gradually until it was acquired by TJX in 2003. The chain targets moderate to high-income customers with a selection of footwear
, workwear, teamwear, and activewear.
In 1975, the second Bob's Surplus was opened in Enfield, Connecticut
; the third store was opened in Hamden, Connecticut
, in 1981. The chain renamed itself to simply "Bob's" in 1985, and began changing its marketing strategy by emphasizing quality and adding casual activewear to its list of products. In 1990, the chain had expanded to five stores; that year, it was acquired by the Melville Corporation
(now CVS Corporation
). 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". Despite the growth, Bob's Stores remained most popular in its origin state of Connecticut.
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. In 1999, the upper executive level of the chain experienced numerous changes in personnel while many in the company became concerned with competition from stores like Kohl's
. 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). In 2000, Bob's Stores created its first website.
In 2003, Bob's Stores went bankrupt
. In late 2003, TJX Companies outbid companies such as Dick's Sporting Goods
and bought the chain for $113 million. TJX expressed interest in Bob's Stores because it shared similar characteristics to other TJX chains, including large stores and similar brands. 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.
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 in October, 2011.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
retail stores in the northeastern U.S. owned by Versa Capital Management. Founded as Bob's Surplus in Middletown, Connecticut
Middletown, Connecticut
Middletown is a city located in Middlesex County, Connecticut, along the Connecticut River, in the central part of the state, 16 miles south of Hartford. In 1650, it was incorporated as a town under its original Indian name, Mattabeseck. It received its present name in 1653. In 1784, the central...
, by Bob Lapidus in 1954, the chain expanded gradually until it was acquired by TJX in 2003. The chain targets moderate to high-income customers with a selection of footwear
Footwear
Footwear consists of garments worn on the feet, for fashion, protection against the environment, and adornment. Being barefoot is commonly associated with poverty, but some cultures chose not to wear footwear at least in some situations....
, workwear, teamwear, and activewear.
History
In 1954, Bob Lapidus opened Bob's Surplus on Main Street in Middletown, Connecticut. His original business strategy was to "Treat all customers with respect and dignity and they will return again and again". 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. In 1967, the store was forced to move again after a fire destroyed the building.In 1975, the second Bob's Surplus was opened in Enfield, Connecticut
Enfield, Connecticut
Enfield is a town located in Hartford County, Connecticut, United States. The population was 45,212 at the 2000 census. It sits on the border with Longmeadow, Massachusetts and East Longmeadow, Massachusetts to the north, Somers to the east, East Windsor and Ellington to the south, and the...
; the third store was opened in Hamden, Connecticut
Hamden, Connecticut
Hamden is a town in New Haven County, Connecticut, United States. The town's nickname is "The Land of the Sleeping Giant." Hamden is home to Quinnipiac University. The population was 58,180 according to the Census Bureau's 2005 estimates...
, in 1981. The chain renamed itself to simply "Bob's" in 1985, and began changing its marketing strategy by emphasizing quality and adding casual activewear to its list of products. In 1990, the chain had expanded to five stores; that year, it was acquired by the Melville Corporation
Melville Corporation
Melville Corporation, formerly based in Rye, New York, was a large retail holding corporation incorporated in 1922 as the Melville Shoe company by Ward Melville. It changed its name to CVS Corporation in 1996...
(now CVS Corporation
CVS Corporation
CVS Pharmacy, or simply CVS, is the second largest pharmacy chain in the United States , with over 7,000 stores in 41 states and Puerto Rico...
). 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". Despite the growth, Bob's Stores remained most popular in its origin state of Connecticut.
In 1997, Melville sold all of its chains except CVS Pharmacy; Bob's Stores was sold to the chain's management
Management
Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively...
and Citicorp Venture Capital. In 1999, the upper executive level of the chain experienced numerous changes in personnel while many in the company became concerned with competition from stores like Kohl's
Kohl's
Kohl's Corporation is an American department store chain headquartered in the Milwaukee suburb of Menomonee Falls, Wisconsin, operating , 1,089 stores in 49 states. In 1998, it entered the S&P 500 list, and is also listed in the Fortune 500...
. 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). In 2000, Bob's Stores created its first website.
In 2003, Bob's Stores went bankrupt
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
. In late 2003, TJX Companies outbid companies such as Dick's Sporting Goods
Dick's Sporting Goods
Dick's Sporting Goods, Inc. , or Dick's, is a Fortune 500 American corporation in the sporting goods and retail industries.The company's headquarters are on the grounds of Pittsburgh International Airport in Findlay Township near Pittsburgh, Pennsylvania. Dick's has 451 stores in 42 states as of...
and bought the chain for $113 million. TJX expressed interest in Bob's Stores because it shared similar characteristics to other TJX chains, including large stores and similar brands. 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.
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 in October, 2011.