Gymboree Files Bankruptcy, Closing Up To 450 Stores

Kids clothing store Gymboree has filed for chapter 11 bankruptcy, and announced it is close 375 to 450 stores, according to USA Today.

The company is just the latest business in a long line of retailers suffering from declining sales and reduced mall traffic. Although Gymboree plans to stay in business, by closing hundreds of its 1,281 stores they hope to slash $1 billion from their $1.4 billion debt.

A list of stores closures has not yet been made available.

More from Marilyn Nelson

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