Bob’s Discount Furniture has agreed to keep its corporate headquarters in Manchester and its distribution center in Norwich under a revised economic development agreement with the state.
The company, founded in 1991, began with a single store in Newington and has grown into a national furniture chain with more than 200 locations. It went public on Feb. 5, listing on the New York Stock Exchange under the ticker BOBS, following an initial public offering.
The retailer filed its first annual report as a public company with the Securities and Exchange Commission on Wednesday. In the filing, it disclosed an amendment to a decade-old agreement with the state Department of Economic and Community Development tied to a $7 million low-interest loan.
The amendment, signed Dec. 3, 2025, extended Bob’s “no relocation” commitment for its Manchester headquarters through December 2038 and created a new obligation requiring the Norwich distribution center to remain in Connecticut through December 2035.
Previously, the non-relocation requirement applied only to the headquarters.
Under the original 2016 deal, Bob’s received the $7 million loan along with a $1.7 million employee training grant and eligibility for up to $11 million in tax credits in exchange for retaining 326 employees and creating 125 new jobs within five years. To date, the retailer has received the full loan, the grant and $3.55 million in tax credits.
Jim Watson, a spokesperson for the state Department of Economic and Community Development, said the company still must retain 326 corporate jobs and create 125 new positions to qualify for full forgiveness. Bob’s 10-K filing lists 531 employees at its headquarters as of Dec. 28, 2025, though it is unclear how many meet the state’s criteria.
Bob’s has not yet submitted a formal job audit, Watson said.
The new agreement allows prorated loan forgiveness based on meeting at least half of the new-job target. Bob’s may select the most favorable consecutive 24-month period dating back to December 2016, with a final deadline of Oct. 31, 2027 for full eligibility.
Bob’s did not respond to a request for comment for this article.
The 10-K also reported strong financial results for fiscal 2025, which ended Dec. 28. Revenue rose 16.8% to $2.37 billion, net income climbed 38% to $121.7 million and comparable sales grew 7.7%, reversing a 3.4% decline in 2024. Bob’s opened 20 new stores, ending the year with 209 locations in 26 states, including eight in Connecticut.
