The childrens clothing retailer Gymboree filed for Chapter 11 bankruptcy protection late Sunday.
The mall-based chain says it plans to remain in business during its restructuring, but will close 375 to 450 stores out of its fleet of its 1,281 locations.
The company employs more than 11,000 workers.
Gymboree says the restructuring will reduce its debt by more than $US900 million and position the company for long-term success.
We expect to move through this process quickly and emerge as a stronger organisation that is better positioned in todays evolving retail landscape, with the right size store footprint and greater financial flexibility to invest in Gymborees long-term growth, Gymboree CEO Daniel Gries…
Read the full article at: http://www.businessinsider.com/gymboree-files-for-bankruptcy-2017-6