Staff Reports
The U.S. economy continues to flounder under the ever-incompetent Biden administration, and yet another business has become a casualty. Bob’s Stores, a discount clothing franchise well-known in Massachusetts and Connecticut, has bitten the dust. After nearly 70 years, the company has been forced to shut its doors, thanks to the financial mismanagement of the current regime.
A Tuesday report by CBS News revealed that the company owner had no choice but to file for Chapter 11 bankruptcy due to a severe lack of liquid assets. The chain’s president, Dave Barton, announced the sad news, noting that Bob’s Stores could no longer withstand the economic beatdown they’ve been experiencing.
Bob's Stores is closing all locations – see the full list of store closures. https://t.co/dJM4mzsUYl
— CBS New York (@CBSNewYork) July 2, 2024
The chain now offers massive discounts of up to 70 percent, so if there’s any silver lining, it’s this fire-sale opportunity to stock up on discounted clothing. The franchise, founded by Bob Lapidus in 1954, has a storied history, but thanks to the current economic climate, history is all it will be.
Bob’s Stores is far from alone in this economic retail apocalypse. Rampant inflation and poor economic policies have forced 3,200 stores nationwide to close as of May—an astonishing 24 percent increase over last year. The Wall Street Journal highlights that February saw a 78 percent rise in Chapter 11 claims compared to the previous year. The businesses barely staying afloat after the 2020 pandemic are now drowning, losing the government aid that kept them alive.
Even the big players aren’t immune. Spectrum, the cable TV giant, announced it would be raising prices on Sunday. While a representative claimed they are trying to keep costs low, the reality is that they have had to lay off 745 employees and close call centers in key states like Michigan, Ohio, and Minnesota. The U.S. economy is so rough that even the big guys are feeling the pinch.
So, while the liberal media keeps trying to paint a rosy picture, the facts don’t lie: the economy is sinking, businesses are closing, and Americans are paying the price. Biden’s policies are proving to be disastrous, and as always, it’s the hardworking citizens and small businesses taking the hardest hit.
