July 13, 2017
Gymboree Corp. plans to close roughly 350 stores nationally as part of its Chapter 11 bankruptcy restructuring. The San Francisco-based retailer will shutter Gymboree, Janie and Jack and Crazy 8 stores. The retailer operates 1,281 stores in the U.S. and Canada across three brands.
The company is seeking to reduce debt by $900 million through a “right-sizing” of its store footprint. The closings are envisioned to result in a “stronger and more competitive organization,” noted Gymboree’s Daniel Griesemer.
Like many in the retail sector, online shopping has cut into sales and forced many to close stores. Retail chains announcing closures this year include Macy’s Inc., Sears Holding Corp., J.C. Penney Co. and Payless ShoeSource Inc.
A full list of the Gymboree store closings is posted on Gymboree’s restructuring website.
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