Gymboree closing 350 stores - WLOX.com - The News for South Mississippi

Gymboree closing 350 stores

Gymboree filed for Chapter 11 bankruptcy protection last month. (Source: GTD Aquitaine/Wikicommons) Gymboree filed for Chapter 11 bankruptcy protection last month. (Source: GTD Aquitaine/Wikicommons)

(RNN) - Gymboree, a San Francisco-based children's clothing retailer, announced it is closing about 350 stores as a result of restructuring.

It filed for chapter 11 bankruptcy in June.

"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," said Daniel Griesemer, President and CEO of Gymboree in a company news release. 

The company didn't disclose how many employees would be losing their jobs as part of this restructuring.

"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, with greater financial flexibility to invest in our future," he added. "Importantly, we will continue to operate a majority of our stores and will continue to deliver quality merchandise and superior service to our customers at our Gymboree, Janie and Jack and Crazy 8 brands."

The company said in its message to customers that mostly Gymboree and Crazy 8 stores will be closing.

Store closing sales at the affected locations will begin Tuesday.

As of April 29, the company operated a total of 1,281 retail stores in the U.S., Canada and Puerto Rico. Gymboree stores include Gymboree, Janie and Jack and Crazy 8 stores. 

Gymboree is just one of several retailers who are closing stores and declaring bankruptcy in what has been a bad year for retailers. 

Recently, Sears and Kmart stores have continued to shutter locations. 

Copyright 2017 Raycom News Netowrk. All rights reserved.

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