gymboree files for bankruptcy

Gymboree has filed for Chapter 11 bankruptcy.  The source is cbsnews.com.

According to the children’s clothing retailer, as part of the restructuring they will be closing 350 stores. The company also owns Crazy 8 and Janie and Jack brand stores.

The official company statement:

The Gymboree management team is confident that this financial restructuring is the best path forward for all of the Company’s stakeholders.  Gymboree expects to move through this process as quickly and efficiently as possible and emerge as a stronger organization that is better positioned to grow and thrive in today’s evolving retail landscape.