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Retail chain Bob's Store announces the closure of all its stores

The company's president, Dave Barton, said in a statement that they were forced to close all their stores because they were unable to "secure the finances needed to maintain operations" and that caused the company to declare bankruptcy.

Bob's Stores, Shoppers World, Framingham Massachusetts

File image taken in 2011 of a Bob's Store located in Shoppers World, Framingham, Mass.John Phelan / Wikimedia Commons

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Retail chain Bob's Store announced Tuesday that it was closing all 21 remaining stores still operating in the country.

The company's president, Dave Barton, disclosed in a press release that they were forced to pull the shutters down on all their stores as they failed to "secure the finances needed to maintain operations."

The executive also showed his regret for having to declare bankruptcy since, he detailed, it is a company that opened 70 years ago and they did not expect to have to close so soon:

"Bob's has been a stalwart of our local communities for nearly 70 years, and we know our customers remember us as having been there for major moments in their lives."Dave Barton, president of Bob's Store

The executive also expressed his appreciation to the "vendors, suppliers, customers and employees for all of their support over the years" and continue to come to the stores that were still open in Connecticut, Massachusetts, New HampshireNew Jersey, New York and Rhode Island.

These stores will continue to be open until next July 14 (the latest date for customers to claim gift cards and make exchanges on their items).

CBS has learned that the retail chain will offer customers discounts of 30% to 70% on all items. However, consumers who want to take advantage of these sales will have to go to the physical stores, since the website is no longer operational.

The items will not be the only thing the company will allow its customers to buy. Along with them, Bob's Store will also sell its facilities, furniture and equipment.