Children’s clothing retailer details store closings
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.
Amazon distribution center set for Lake Nona
One of the nation’s fastest-growing communities shows no signs of slowing down.
Amazon has selected the master-planned town outside Orlando as the site of an 850,000-sq.-ft. distribution center set to open in 2018. It will create more than 1,500 full-time jobs, according to Amazon’s VP of North America Operations Akash Chauhan.
In collaboration with Steiner + Associates, Lake Nona creator Tavistock Development Company is erecting a 3.8-million-sq.-ft. town center, with more than a million of that devoted to retail, dining, entertainment, and office space. The first phase of Lake Nona Town Center opened in 2016.
“We are bullish on attracting well-respected, global brands like KPMG and Amazon to Lake Nona,” said Tavistock president Jim Zboril. “We have a strong business development team that is out there every day competing against some of the nation’s top metropolitan markets.”
Added Tim Giuliani, CEO of the Orlando Economic Partnership: “Amazon’s decision to select Orlando for its next major investment is a tremendous win for the Orlando region.”
Six more Neighborhood Market prototypes sold
Skilken/Gold has announced the sale of six Neighborhood Market stores, one of which was a prototype of Walmart’s new design for its grocery store concept.
The Louisiana stores all average about 42,000 sq. ft., including the Baton Rouge location that emerged from Walmart’s “build-to-suit” program initiated in 2014.
The Hampshire Companies and a South Korean partner acquired the properties for $78 million.
“Finalizing this sale was a collaborative effort between the Walmart and Skilken/Gold teams, and a testament to our ongoing partnership,” said company CEO Ken Gold.
Cypress Equities, another preferred partner in the build-to-suit program, sold six Neighborhood Markets in Alabama and South Carolina in March.