Published: Wed, June 14, 2017
Local | By Vivian Poole

Gymboree files for bankruptcy protection; plans to close up to 450 stores

Gymboree files for bankruptcy protection; plans to close up to 450 stores

The nearest Gymboree is located inside the CherryVale Mall. It is now expected that trade vendors that are critical to the company's business will be paid in full for pre-petition claims under the terms of the Plan.

Among those 22 distressed names are Gymboree - which has now filed for Chapter 11 - Sears, Nine West, Claire's Store, David's Bridal and Charming Charlie.

Mesterharm also said Gymboree had "struggled against other established brick-and-mortar retailers", including Children's Place and GapKids.

As part of the reorganization, the San Francisco firm said it plans to close "certain stores", but the timing and final list of closures are still being determined.

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Gymboree said it secured $35 million in new financing to keep the company operating through the Chapter 11 process. Its net sales were $352 million.

NEW YORK - Gymboree filed for bankruptcy protections, making it the latest casualty in a long line of troubled retailers. But the company has not yet revealed any store closing details.

A large portion of the debt is from Bain Capital's $1.8 million leveraged buyout of Gymboree in 2010.

The company has almost 1,300 stores, including about 750 with the Gymboree brand as well as stores under the insane 8 and Janie and Jack brands.

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No word yet if that will include locations at the Battlefield Mall or the outlet stores in Branson and Osage Beach.

Simon Property Group Inc. and GGP Inc. are the landlords for more than one-third of Gymboree's domestic real estate space, court papers said.

Kirkland & Ellis is the company's legal counsel, AlixPartners is serving as its financial advisor and Lazard is its investment bank throughout this process.

Gymboree hopes to receive approval for their plans by September 24.

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