Gymboree Corporation files for Chapter 11 bankruptcy; 3 stores in Wisconsin set to close
GLENDALE — The Gymboree Corporation is closing approximately 350 stores — including three in Wisconsin.
The locations closing in Wisconsin are as follows:
- Gymboree — Bayshore Town Center, Glendale
- Gymboree — Regency Mall, Racine
- Gymboree Outlet — Outlet Shoppes at Oshkosh, Oshkosh
Officials with the Gymboree Corporation said these closures are an effort to “strengthen the company’s financial structure and position the business for long-term growth and success.”
According to the company’s website, on Tuesday, July 11th, Gymboree entered into an agreement with a majority of its “Term Loan Lenders” on the terms of a comprehensive financial restructuring and recapitalization of the company. To facilitate this, the company elected to file voluntary Chapter 11 petitions with the United States Bankruptcy Court for the Eastern District of Virginia.
Gymboree has three brands — Gymboree, Janie and Jack and Crazy 8.
Company officials said on their website the company will continue to:
- Deliver superior service to its customers;
- Offer great merchandise;
- Provide associate wages and other benefits in the normal course; and
- Pay vendors in the ordinary course for all goods and services delivered on or after June 11th
In order to ensure a seamless experience for customers, the company has partnered with Great American Group and Tiger Group to help manage the closing sales in its Gymboree, Gymboree Outlet and Crazy 8 stores.
The closing sales at affected stores are scheduled to begin on July 18th.
CLICK HERE for the latest sale information.