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What Gymboree's Bankruptcy Means for Clothing Retailers

What Gymboree's Bankruptcy Means for Clothing Retailers

Finance
Gymboree, the children's clothing store, filed for Chapter 11 bankruptcy protection this month, while it tries to resuscitate its struggling business. While this likely means more vacant real estate, it could ultimately benefit some clothiers and other competitors that are in better shape.Another one bites the dustGymboree, privately owned by Bain Capital since 2010, said its sales declined 6% and ran up a loss of $ 325 million during its last quarter. As a result, the company filed for bankruptcy protection in hopes of eliminating some $ 900 million of its $ 1.4 billion in debt.Additionally, the company will look to close down at least 375 and as many as 450 of its locations, which currently number 1,281. Freshly appointed CEO Daniel Griesemer, who came over from Til...