Plunging sales and rising competition from online retailers have resulted in yet another fashion chain Gymboree Corporation to close its 350 stores, mainly under the Gymboree and Crazy 8 brands across the US.
The kidswear fashion retailer, in association with Great American Group and Tiger Group, will manage the closing sales at these stores starting July 18. According to Daniel Griesemer, President and CEO of Gymboree, the decision to close the stores has been taken in the best long-term interest of the fashion brand, its customers and employees.
“Today’s announcement represents the next step in the company’s court-supervised financial restructuring as we work to more strongly position the business for long-term growth and success,” added Daniel.
It is pertinent to mention here that Gymboree filed for Chapter 11 Bankruptcy last month with the United States Bankruptcy Court for the Eastern District of Virginia.
The Gymboree Corporation’s speciality retail brands are known for offering unique, high-quality products delivered with custom-made services. As of April 29, 2017, the company operated a total of 1,281 retail stores: 582 Gymboree stores (532 in the US, 49 in Canada and 1 in Puerto Rico), 172 Gymboree Outlet stores (171 in the US and 1 in Puerto Rico), 149 Janie and Jack shops (148 in the US and 1 in Puerto Rico) and 378 Crazy 8 stores in the US.