Famous Clothing Store Files Bankruptcy, Closing 350 Locations Nationwide

consumer
July 12, 2017

One of the nation’s most popular children’s clothing stores had just announced they are planning to close 350 stores nationwide. The announcement comes after the company previously filed for bankruptcy protection in June.

Gymboree, a San Francisco-based clothing organization, has roughly 1,280 locations. They will be closing roughly one-third of them as part of the deal.

https://twitter.com/latimes/status/885181428677345281

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At this time, no word has been released on how many employees will be affected. The news comes after a year marked with big retailers closing stores due to economic issues and consumers purchasing goods online.

"This was a difficult decision to make, but we are confident that it is in the best long-term interest of our Company, our customers and our broader employee base," said the CEO Daniel Griesemer in a statement.

Gymboree also owns other popular stores. Under the Gymboree name is Janie and Jack and Crazy 8. Most of the stores that will be closing are Gymboree and Crazy 8 locations.

https://twitter.com/MarketWatch/status/884889859520946177

"With the right size store base, the company will be able to focus resources on locations with the greatest potential and improve the profitability of the overall business," a statement read.

What do you think of this? Will you miss shopping at their locations?