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| Bob's Stores | |
|---|---|
| Type | Subsidiary of TJX Companies |
| Founded | 1954 |
| Headquarters | Framingham, MA |
| Industry | Retail |
| Products | Clothing and footwear. |
| Website | www.bobstores.com/ |
Bob's Stores is a chain of approximately 35[1] American retail stores owned by TJX Companies, the largest off-price retailer in the world. 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.[1][2] The chain targets moderate to high-income customers with a selection of footwear, workwear, teamwear, and activewear.[1][3]
Contents |
History
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]
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 to simply "Bob's" 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] Despite the growth, Bob's Stores remained most popular in its origin state of Connecticut.[5]
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][6] 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.[6] 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).[6] In 2000, Bob's Stores created its first website.[2]
In 2003, Bob's Stores went bankrupt.[7] In late 2003, TJX Companies outbid companies such as Dick's Sporting Goods and bought the chain for $113 million.[7][8] TJX expressed interest in Bob's Stores because it shared similar characteristics to other TJX chains, including large stores and similar brands.[7] 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.[7]
August 19, 2008 05:04 PM Eastern Daylight Time
The TJX Companies, Inc. Announces Sale of Bob’s Stores and Updates Guidance
FRAMINGHAM, Mass.--(BUSINESS WIRE)--The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced that it has sold Bob’s Stores to private equity firms Versa Capital Management and Crystal Capital. Terms of the sale were not disclosed.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “While we continue to believe Bob’s Stores has great potential and an excellent organization, our decision to sell the business reflects our vision to grow TJX as a global, off-price company. We believe that focusing on the significant opportunities to expand the domestic and international presence of our core, off-price concepts is the right strategy for us at this time. Bob’s Stores has made a great deal of progress in improving its comparable store sales, operating results and cash flow over the past two years. We are sincerely grateful for the hard work and commitment of the Bob’s Stores team, and we wish them much future success.”
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- This page was last modified on 21 August 2008, at 12:35.
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