In the wake of its filing for bankruptcy last month, children’s clothing retailer Gymboree (San Francisco) announced that it plans to shutter 350 stores as it restructures. When it first filed for bankruptcy, the retailer said it could close as many as 450 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 the company’s Chief Executive Officer Daniel Griesemer in a statement. “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."
It has announced the locations that will close, and those affected stores have already begun holding closing sales, reports USA Today.