Monday, June 12, 2017

Children's clothing retailer files for bankruptcy; CFO steps down

Gymboree has filed for Chapter 11 bankruptcy protection. 
The retailer announced the filing, which had been expected, on Monday morning. The chain said it has partnered with AlixPartners to assist with turnaround efforts. 
The Chapter 11 filing should reduce Gymboree's debts by more than $900 million. The company has been under increasing pressure with a heavy debt load, the majority of which stems from Bain Capital’s $1.8 billion leveraged buyout of the retailer in 2010. Gymboree said expects to operate its overall business and the majority of its stores as usual during its financial restructuring. . . . more

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