After 70 years in business, Bob’s Stores is launching a going-out-of-business sale and closing all its U.S. locations as part of its Chapter 11 bankruptcy proceedings.

Bob’s Stores, a subsidiary of multinational conglomerate GoDigitial Media Group, is shutting 21 locations and liquidating its inventory after not being able to secure the necessary financing to maintain operations. The retailer that sells affordable apparel has stores in Connecticut, Massachusetts, New Hampshire, New York, New Jersey and Rhode Island, mostly in strip malls and power centers.

"We regret that our financial position necessitated the liquidation of Bob's Stores,” Dave Barton, president of Bob’s Stores, said in a statement.

The chain joins a growing list of retailers closing locations as inflation continues to bite at consumer's wallets.

In March, sewing supply shop Joann's filed for Chapter 11 with plans to keep all its locations open. Discount retailer 99 Cents Only began marketing its leases after an April bankruptcy filing. Other big retailers like CVS, Walgreens and Rite Aid are closing thousands of underperforming locations across the country.

Hilco Merchant Resources and Gordon Brothers are managing the Bob's liquidation that's expected to run until July 14, according to the statement. Some store fixtures, furniture and equipment will also be available for sale.

Originally founded in 1954 by Robert Lapidus as Bob’s Surplus in Middletown, Connecticut, Bob's Stores was acquired in 2003 by TJX, the parent company behind Marshalls and T.J. Maxx. Five years later, the store was sold to private equity groups before being acquired by GoDigital Media Group in 2022.

Representatives for GoDigital Media Group did not immediately return requests to comment.

Bob's Stores filed for protection from creditors last month in the U.S. Bankruptcy Court for the District of Delaware.

Goldstein & McClinton LLLP is serving as the legal adviser to Bob’s Stores.