1. Gymboree Will Close More Than 375 Stores After Filing for Bankruptcy

    Gymboree Will Close More Than 375 Stores After Filing for Bankruptcy

    To unburden some of its debt, Gymboree has filed for Chapter 11 bankruptcy protection and will reportedly close more than 375 of its stores.

    The struggling retailer partnered with AlixPartners just a few weeks ago to help turn its business around, CNBC reports, but missed a June 1 debt payment. The company has now filed for bankruptcy with the hope of reducing its debt by more than $900 million. Gymboree Chief Financial Officer Andrew North also announced his leave, citing personal reasons...

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    1. 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, including our product, brand and omni channel initiatives.
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