Gymboree: Closing 450 Stores Nationwide

Gymboree announced yesterday that they have filed for Chapter 11 bankruptcy and plan to close low performing stores as part of their plan to reduce and pay off over $1 billion in debt!
Gymboree said it plans to stay in business but will close 375 to 450 of its 1,281 nationwide stores.

The list of closing stores has not yet been announced, but Gymboree hopes to have plans finalized by late September.