Gymboree files for bankruptcy

Gymboree store (Courtesy Gymboree website)

(WFLA) — Children’s clothing store Gymboree has filed for Chapter 11 bankruptcy, but plans on operating as usual at most of its stores.

The filing is supposed to reduce Gymboree’s debts by at least $900 million, according to CNBC.

Court documents say the company plans to close up to 450 of its stores.

The retailer has more than a thousand stores nationwide under the brands Gymboree, Crazy 8 and Janie and Jack.

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