The company says that this will let it reduce its debt by more than $900 million, as well as prepare it for long-term stability. Gymboree employs more than 11,000 people, including 10,500 hourly workers.
Even after acquiring $308.5 million in financing, the company is expected to close between 375 and 450 stores, running the rest of its stores as usual.
In a slowing environment, retailers are striving hard to pay back debt, and to meet interest and payments.
NEW YORK - Gymboree filed for bankruptcy protections, making it the latest casualty in a long line of troubled retailers. It has been aiming to achieve savings of $1.25 billion through restructuring.
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Gymboree, which has stores at Rockvale Outlets and Park City Center, has not specified which stores would be closing.
The timing and final list of the store closures are still being determined.
"Liyuan and Jim bring significant financial and restructuring experience to Gymboree and we are pleased to have them join the team", continued Daniel Griesemer.
The company had 1,281 locations, including 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 insane 8 stores as of April 29.
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Gymboree's owner, Bain Capital Private Equity, acquired the retailer for $1.8 billion in 2010 and expanded worldwide.
Simon Property Group Inc. and GGP Inc. are the landlords for more than one-third of Gymboree's domestic real estate space, court papers said.
Credit rating agency Moody's said last week it expects the ranks of distressed retailers will continue to grow over the next 18 months.
"Thus, the risk of default, including the potential for a distressed exchange-type restructuring, is very high", the March report said.
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