South Portland retailer Bob's to close as part of bankruptcy filing
Vestis Retail Group LLC, the Meriden, Conn.-based parent company of Eastern Mountain Sports, Sport Chalet and Bob’s Stores, has announced that it has filed for bankruptcy protection. It plans to close eight locations across New England, including a Bob’s location in South Portland.
According to the Boston Globe, Vestis officials said the bankruptcy filing and subsequent corporate restructuring was in part spurred by rising competition from big-box and online retailers that was aggravated by an unseasonably warm winter cutting into cold weather sales in the region.
In addition to closing the 301 Maine Mall Road location in South Portland, Vestis will be closing Eastern Mountain Sports stores in Foxborough, Mass.; Warwick, R.I.; and West Hartford, Conn. The Eastern Mountain Sports location in Portland will remain open.
The announcement by Vestis comes a little over a month after fellow sports retailer Sports Authority announced that it would be selling or closing as many as 140 of its 463 locations, including one in Auburn due to its $1.1 billion debt and its inability to adjust to consumer demand.
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