Gymboree Corp. will close about 350 of its children’s clothing stores as part of a court-supervised restructuring. Its Gymboree outlet at Valencia Town Center will remain open.
In California, the company will close 14 Gymboree stores, one Janie and Jack and eight Crazy 8 stores.
“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 statement.
“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. 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,” Griesemer said.
The company has partnered with Great American Group and Tiger Group to help manage closing sales in its Gymboree, Gymboree Outlet and Crazy 8 stores. The closing sales at affected stores are scheduled to begin on Tuesday, July 18, 2017.
Gymboree, founded in 1976 and based in San Francisco, filed for bankruptcy last month with the United States Bankruptcy Court for the Eastern District of Virginia, and agreed on restructuring terms with its lenders.
As of April 29, 2017, the Company operated 1,281 retail stores: 582 Gymboree stores (532 in the United States, 49 in Canada and 1 in Puerto Rico), 172 Gymboree Outlet stores (171 in the United States and 1 in Puerto Rico), 149 Janie and Jack shops (148 in the United States and 1 in Puerto Rico) and 378 Crazy 8 stores in the United States.