June 13, 2017
Gymboree, a children's clothing retailer, will remain in business but has filed Chapter 11 bankruptcy and will close at least one third to half of its 1,281 locations.
The court filing notes the retailer is mulling the closure of 375 to 450 stores, according to a USA Today report.
The retailer is just the latest in a long line of retailers announcing store closings and layoffs. The company hopes to save $1 billion of debt and have the bankruptcy plan approved by the end of September.
"We expect to move through this process quickly and emerge as a stronger organization that is better positioned in today’s evolving retail landscape, with the right size store footprint and greater financial flexibility to invest in Gymboree's long-term growth," CEO Daniel Griesemer said in a statement, according to USA Today.
