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Tuesday, June 13, 2017

Gymboree files for Chapter 11 bankruptcy; CFO leaves retailer

Gymboree has filed for Chapter 11 bankruptcy protection.

The children's clothing retailer announced the move Monday morning, only a few weeks after it partnered with a turnaround firm, AlixPartners, to assist with its operations and then missed a June 1 debt payment.

A bankruptcy filing had been seen as imminent, with S&P Global lowering its corporate credit rating on the company to "D" from "CC."

San Francisco-based Gymboree also announced Monday the departure of Chief Financial Officer Andrew North, who is leaving for personal reasons.

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2 comments:

Anonymous said...

nice clothes but extremely overpriced. who would pay 40 bucks for a shirt you kid will probably only wear once.

Anonymous said...

No surprise here. The birthrates and paychecks of the targeted socioeconomic class are both shrinking.