Gymboree Files For Bankruptcy

According to a filing, because of reasons such as consumers moving more to online outlets, along with other internals reasons, Gymboree has filed for bankruptcy.

Over a three month period, the store suffered a $324 million net loss, making it another casualty of large retailers on hard times as shopping trends shift.

The company has nearly 1,300 store, and a consultant has suggested closing around 375 of them as they work on restructuring. However, there have been no announcements of any stores actually closing.

Full story here.

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