Gymboree is closing 350 of its stores in what it deems to be a crucial step to restructure its business and emerge from Chapter 11 bankruptcy protection.
The kids’ apparel chain said late Tuesday that it would start closing the stores beginning next on July 18.
Gymboree, based in San Francisco, filed for Chapter 11 protection last month, at which time it operated 1,300 stores under its namesake banner as well as the Janie and Jack and Crazy 8 chains. The retailer has lost hundreds of millions of dollars in the last few years and hasn’t reported an annual profit since 2011. Gymboree has struggled as more shoppers avoid malls, and retailers like Children’s Place (plce), Target (tgt) and Kohl’s (kss), not to mention Amazon.com (amzn), hav…
Read the full article at: http://fortune.com/2017/07/12/gymboree-bankruptcy-2/