A children’s clothing retailer is closing hundreds of stores.
Gymboree announced the company will close about 350 across the U.S., and closing sales will begin Tuesday. The company will have more than 900 locations after the stores are shut down. Gymboree also operates Janie and Jack stores and 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, CEO of Gymboree, in a statement.
The San Francisco-based company says it is seeking to reduce its debt by $900 million. It expects to operate its business and the majority of its 1,300 stores during the restructuring.
Gymboree is the latest retailer to file Chapter 11, close stores or go out of business entirely in 2017. Shoe chain Payless ShoeSource filed for bankruptcy protection in April, and clothing retailer The Limited closed all 250 of its remaining stores early this year. Teen retailer Wet Seal in January said it would close its 171 stores.