The largest network of children's clothing stores in the US closes 350 outlets
Photo: Gymboree
Network of children's clothing stores Gymboree Corp. announced the closure of about 350 stores Gymboree, Janie and Jack and Crazy 8 throughout the country, in connection with the filing for bankruptcy 11 June.
A San Francisco company went to these measures to reduce its debt by $ 900 million, while keeping most of its stores open.
Traditional stores and malls in general are strongly suffered after the progress of online commerce. This year alone Macy's Inc., Sears Holding Corp., JC Penney Co. and Payless ShoeSource Inc. are among the networks that have announced the closure of stores.
Moody's Investor Service reported in February that the number of “distressed” retailers—sellers who are heavily indebted—was at its highest point since the Great Recession in 2008-09.
“We expect to move quickly in this process and become a stronger organization that is better positioned in today's developing retail landscape with the right storage space and greater financial flexibility to invest in long-term growth Gymboree, ”Said retailer Daniel Grizemer, in a statement.
Gymboree Founded in 1976 year. As of April, its network included an 1 281 store in the United States and Canada across all three brands.
Closing sales will begin next Tuesday, July 18.
A full list of stores that are closed is posted on Gymboree website.
Since the beginning of 2017, many retailers in the United States have announced the closure of stores, among them Sears, JC Penney, Payless Shoe Sourceand Ralph Loren flagship store in New York, a wave of store closures continues Macy's.
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