Children’s clothing retailer Gymboree has filed for bankruptcy protection and will reportedly close nearly 400 stores nationwide.
There has been no specifics on which of the nearly 1,300 stores the company owns will be closed. The company owns not only Gymboree stores but also Crazy 8 and Janie and Jack stores.
Gymboree has arranged to borrow $35 million to help restructure the company. According to Forbes, the company plans to close 375 stores but may close as many as 450 of its 1,281 stores. Gymboree has 11,000 employees, according to the bankruptcy filing.
"The steps we are taking today allow the company to definitely address its debt and enable the management team to turn its full focus toward executing our key strategies," said Gymboree CEO Daniel Griesemer in a statement.
Gymboree joins a growing list of retailers and restaurants that have announced closures this year. Macy's, Kmart, Sears, JCPenney and Bebe have all announced store closures.
More than 40 Outback, Carrabba's, Bonefish Grill and Flemings restaurants will be closing by the end of the year, the restaurants' parent company Bloomin' Brands Inc. announced in February.
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