Bob's is closing for good, and Big Lots (closing stores) might be getting ready to.......

[Chrishaune]

Discount retailers going under.

Bob's closing

Big Lots closing stores

 

[hu3ypdadon]

Just checked bobs website,shyt where the good sales at?

 

[Wiseborn]

Zombie companies are starting to go under

 

[SupaDupaFresh]

Home Depot, Guitar Center, and the one Micro Center in Yonkers the only dept stores left I pray for.

 

[Pull Up the Roots]

Is this another story of private equity killing another retail chain?

edit:

Vestis Retail Group has restructured and sold Eastern Mountain Sports and Bob's Stores to affiliates of Versa Capital Management - Lincoln International LLC

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Vestis Retail Group LLC (“Vestis” or the “Company”) has successfully restructured and recapitalized Eastern Mountain Sports… Read More

www.lincolninternational.com

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Vestis Retail Group LLC (“Vestis” or the “Company”) has successfully restructured and recapitalized Eastern Mountain Sports (“EMS”) and Bob’s Stores (“Bob’s”) through a section 363 sale to an affiliate of Versa Capital Management LLC (“Versa”). The Company’s remaining retailer, Sport Chalet, was concurrently divested through an organized wind down.

EMS and Bob’s will operate as business units of Eastern Outfitters, LLC (“Eastern Outfitters”), a new holding company headquartered in Meriden, Connecticut, under the leadership of the former senior management team of Vestis. EMS is a leading multi-channel retailer of outdoor sports apparel and equipment with stores in the Northeastern and Mid-Atlantic states. Bob’s is a value-oriented retailer of footwear, apparel and work wear in the Northeastern states. Together, EMS and Bob’s operate over 80 stores with annual revenue of over $400 million.

Lincoln acted as exclusive investment banker to Vestis, working closely with the Company’s management team and stakeholders throughout the Chapter 11 Bankruptcy case and §363 sale process. This involved expeditiously managing a broad sale process, negotiating the terms of the asset purchase agreement and debtor-in-possession financing, assisting in the placement and closing of exit financing and advising on other aspects of the Chapter 11 process.

Bob’s first location opened 70 years ago in Middletown, Connecticut, where most of their locations remain. Bob’s locations are now spread across the northeast, including Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island. All of these locations are now closing up shop, offering 30-70% discounts along the way.

The shutdown brings to a close 30 years of business struggles. In 1997, the Melville Corporation, now CVS Corporation, sold off Bob’s only seven years after the acquisition. Six years later, Bob’s filed for its first bankruptcy. dikk’s Sporting Good’s and TJX Companies entered a bidding war for the failing retailer, with TJX ultimately winning out. In 2008, TJX sold Bob’s to private equity firms Versa Capital Management and Crystal Capital. Versa Capital’s Vestis Retail Group filed for bankruptcy eight years later; Versa created a new holding company, Eastern Outfitters, to store Bob’s, but they filed for bankruptcy just a year later. After sales to Sports Direct and GoDigital Media Group, Bob’s finally found a place to rest.

https://www.fastcompany.com/91151326/end-of-a-era-bobs-stores-ends-operations-nationwide

 

[Wildin]

Home Depot, Guitar Center, and the one Micro Center in Yonkers the only dept stores left I pray for.

Guitar center won't ever go away. They are basically a national pawn shop.

If you don't have a local or smaller chain or just need a Walmart for music supplies that's where you go. Great in a pinch but definitely shop around for any major purchases.

 

[SupaDupaFresh]

Guitar center won't ever go away. They are basically a national pawn shop.

If you don't have a local or smaller chain or just need a Walmart for music supplies that's where you go. Great in a pinch but definitely shop around for any major purchases.

No doubt I always go to mom and pop music stores for little stuff.

It's just their show room of guitars, keyboards, synths, dj gear, percussion and everything is just like running through Toys R Us as a kid.



There are certain department stores that just give you an experience you'll never get from online shopping. Guitar Center the type of place I can just sit and chill with other music lovers all day.

You sure they can't possibly go away tho breh? As much as I love Guitar Center I never got the impression that they was truly profitable, especially since Covid. Like Gamestop status. Relying on upsales, gift cards, insurance policies and bullshyt to make money. I see Sweetwater is trying to push their online shop and take the crown. Didn't know their resell business was big enough to carry them.

 

[Wildin]

No doubt I always go to mom and pop music stores for little stuff.

It's just their show room of guitars, keyboards, synths, dj gear, percussion and everything is just like running through Toys R Us as a kid.



There are certain department stores that just give you an experience you'll never get from online shopping. Guitar Center the type of place I can just sit and chill with other music lovers all day.

You sure they can't possibly go away tho breh? As much as I love Guitar Center I never got the impression that they was truly profitable, especially since Covid. Like Gamestop status. Relying on upsales, gift cards, insurance policies and bullshyt to make money. I see Sweetwater is trying to push their online shop and take the crown. Didn't know their resell business was big enough to carry them.

Well they have a bunch of partnerships and other companies that merge. So some places may use guitar center as a hub. And being as they are a hub if you need to order a special part or piece gc will remain around for those reasons. Plus the online/offline pawning.

I can buy a used guitar from guitar center in California or a seller in California who will take it to guitar center and send it across country to another guitar center and I can try it and buy it.

You can't do that with anyone else.

It's kinda like if eBay or Amazon had a walk in store.

And now they have the credit leasing so you can damn near build an entire music studio off leasing or monthly payments....

They still repair gear on site sometimes and teach lessons at the stores.

They ain't going no where.

 

[SupaDupaFresh]

Well they have a bunch of partnerships and other companies that merge. So some places may use guitar center as a hub. And being as they are a hub if you need to order a special part or piece gc will remain around for those reasons. Plus the online/offline pawning.

I can buy a used guitar from guitar center in California or a seller in California who will take it to guitar center and send it across country to another guitar center and I can try it and buy it.

You can't do that with anyone else.

It's kinda like if eBay or Amazon had a walk in store.

And now they have the credit leasing so you can damn near build an entire music studio off leasing or monthly payments....

They still repair gear on site sometimes and teach lessons at the stores.

They ain't going no where.

Aaah, yeah you right. I almost forgot they an "authorized dealer" for all types of shyt. Repairs alone must make them bread.

Now Home Depot, I know ain't going nowhere ever.

Internet can never replace the industrial arts.

 

[Wildin]

Aaah, yeah you right. I almost forgot they an "authorized dealer" for all types of shyt. Repairs alone must make them bread.

Now Home Depot, I know ain't going nowhere ever.

Internet can never replace the industrial arts.

They can always downsize.

They don't have to have big ass stores with hundreds of guitars. I mean, it helps because mfs literally walk in off the street look at a guitar that looks cool or nice to them and say "I want that one!" And the techs are often local resources/contracted rather than a guy that works at guitar center.

Sure the guy at guitar center can replace your strings, or tuning pegs. But real heavy repairs or customization is going to be contracted out.

A lot of their shyt doesn't sell. One near me used to get every piece of equipment to come from akai. They'd have 10-15 akai samplers, workstations, keyboards and shyt plugged in ready for kids to push buttons. Now they probably have 5-10.

They could always downsize and get rid of that big box feel and go to more of a local music supply. Evenly distribute inventory, people. Turn 1 big store in to 2 or 3 smaller stores.

It took a long time but my Walmart stopped selling music shyt. But now they have guitars, they have an akai mpk, sell guitar strings, tuners, keyboards. They probably stopped for a good decade. I was low upset because if you have a string bust on a weekend or after 6pm any day you are pretty much fukked if you don't have spares. But now Walmart got you covered again.

 

[Arizax2]

Any place that sells bonded leather sofas should be shut down

 

[SupaDupaFresh]

They can always downsize.

They don't have to have big ass stores with hundreds of guitars. I mean, it helps because mfs literally walk in off the street look at a guitar that looks cool or nice to them and say "I want that one!" And the techs are often local resources/contracted rather than a guy that works at guitar center.

Sure the guy at guitar center can replace your strings, or tuning pegs. But real heavy repairs or customization is going to be contracted out.

A lot of their shyt doesn't sell. One near me used to get every piece of equipment to come from akai. They'd have 10-15 akai samplers, workstations, keyboards and shyt plugged in ready for kids to push buttons. Now they probably have 5-10.

They could always downsize and get rid of that big box feel and go to more of a local music supply. Evenly distribute inventory, people. Turn 1 big store in to 2 or 3 smaller stores.

It took a long time but my Walmart stopped selling music shyt. But now they have guitars, they have an akai mpk, sell guitar strings, tuners, keyboards. They probably stopped for a good decade. I was low upset because if you have a string bust on a weekend or after 6pm any day you are pretty much fukked if you don't have spares. But now Walmart got you covered again.

I can see your perspective as a working musician.

For me, Guitar Center is like going to a library. I'd bet their stock is limited but I just love the big show room and the walls of instruments. But yeah I wouldn't be shocked if all that gets downsized to a more online model.

I live in NYC. So we got a Guitar Center on Union Square (Manhattan) and the Brooklyn Atlantic Mall. I think a Sam Ash in Queens and Manhattan. We don't got Walmart, but I think Target has some basic music gear. Maybe. If you lucky (and in the outer boroughs) you got lil Puerto Rican shops that sell random shyt, including instruments and accessories, that stay open late. But you'd think there'd be more out there for one of the biggest markets in the music industry.

Akai gear at a damn Walmart is crazy tho.

 

[fallback]

I can see your perspective as a working musician.

For me, Guitar Center is like going to a library. I'd bet their stock is limited but I just love the big show room and the walls of instruments. But yeah I wouldn't be shocked if all that gets downsized to a more online model.

I live in NYC. So we got a Guitar Center on Union Square (Manhattan) and the Brooklyn Atlantic Mall. I think a Sam Ash in Queens and Manhattan. We don't got Walmart, but I think Target has some basic music gear. Maybe. If you lucky (and in the outer boroughs) you got lil Puerto Rican shops that sell random shyt, including instruments and accessories, that stay open late. But you'd think there'd be more out there for one of the biggest markets in the music industry.

Akai gear at a damn Walmart is crazy tho.

The Sam Ash in Queens just recently closed.

 

[Wildin]

Akai gear at a damn Walmart is crazy tho.

I took a picture and send it to my people. I was genuinely shocked