Gymboree Corp. is "right-sizing" its store footprint.
The bankrupt chain, which filed for Chapter 11 protection in June, said Tuesday it intends to close approximately 350 stores, mainly across its Gymboree and Crazy 8 brands, as part of its previously announced court-supervised financial restructuring. The closings will leave the company, which also operates stores under the Janie and Jack banner, with a total of approximately 930 locations.
"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. "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,"
Great American Group and Tiger Group will help manage the closing sales in the affected stores. The sales will begin on Tuesday, July 18, 2017.
As of April 29, 2017, Gymboree operated a total of 1,281 retail stores: 582 Gymboree stores (532 in the United States, 49 in Canada and one in Puerto Rico), 172 Gymboree outlet stores (171 in the United States and one in Puerto Rico), 149 Janie and Jack shops (148 in the United States and one in Puerto Rico) and 378 Crazy 8 stores in the United States.