Kids' clothing chain Gymboree files for Chapter 11 bankruptcy

Children's clothing retailer files for bankruptcy; CFO steps down

Children's clothing seller Gymboree Corp. has filed for Chapter 11 bankruptcy protection, the latest sign of traditional retailers' struggles as shoppers shun stores and buy online.

Consequent to Gymboree's filing for Chapter 11 bankruptcy, there are a few more retailers in the list seeking the bankruptcy route.

Court documents say the company plans to close up to 450 of its stores.

The operator of Gymboree, Janie and Jack and insane 8 stores joins a growing list of specialty retailers and department stores that have closed thousands of locations or filed for bankruptcy this year as consumers shift toward online shopping. It said 15 percent of the retailers tracked by the agency are now rated at the lowest end of the credit spectrum.

Third London attacker was Moroccan-Italian - Italy investigative source
Italian newspaper Corriere Della Sera said Zaghba was born in Fez in January 1995 to a Moroccan father and Italian mother. The Met Police issued a fresh appeal for information about Xavier Thomas who has not been seen since Saturday's attack.

The company also announced on Monday that Chief Financial Officer Andy North resigned, and an outside restructuring executive, Liyuan Woo, has been designated to fill that position in the interim.

Children's clothing retailer Gymboree has filed for bankruptcy protection and will reportedly close almost 400 stores nationwide.

Gymboree was taken private in 2010 when it was bought by private equity firm Bain Capital for $1.8 billion. At the same time, net sales declined 6.4% from the year ago period to $356 million. Gymboree now has more than 11,000 employees according to a filing. Rue21 and Payless Shoesource also filed for bankruptcy within the past year. "The support of our lenders and their new financing commitment underscores their confidence in the company".

Today Gymboree said it's filed for bankruptcy, and has reached an agreement with lenders to allow it to stay in business while it restructures. Daniel Griesemer was hired as CEO on May 22.

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