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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...

Mentions: Bankruptcy CEO