Children’s clothing retailer Gymboree plans to close 350 stores as it restructures in bankruptcy, the company said Tuesday.
Gymboree, which is based in San Francisco, said closing sales are scheduled to begin Tuesday.
Gymboree also operates Crazy 8 stores and Janie and Jack stores. The company will have more than 900 locations after the stores are shut down.
Gymboree filed for bankruptcy protection in June, saying it might close as many as 450 stores. The goal, it said, is a "right size store base." The company would be able to focus resources on locations with the greatest potential and improve the profitability of the overall business.
“Today’s announcement represents the next step in the Company’s court-supervised financial restructuring as we work to more strongly position the business for long-term growth and success,” Daniel Griesemer, CEO of Gymboree, in a statement.
“Right-sizing our store footprint is a central part of our efforts to ensure Gymboree emerges from this restructuring process as a stronger and more competitive organization," he added.
Gymboree joins a growing list of retailers to announce the closing of some stores as mall traffic declines and competition from online retailers such as Amazon intensifies.
Sunday, January 21 2018 12:50 AM EST2018-01-21 05:50:24 GMT
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