Gymboree Files It's Second Bankruptcy in 2 Years
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Gymboree Files It’s Second Bankruptcy in 2 Years
Early this morning, clothing retail store, Gymboree, filed for Chapter 11 bankruptcy protection. This is now the second time Gymboree has filed for chapter 11, and it may be their last. The reason I say “their last” is because this time, Gymboree plans to close over 800 stores world wide. This means that the chances Gymboree liquidates the entire company is high. So what does this bankruptcy mean for Gymboree? Will Gymboree still be around? All of these questions, and more, will be answered in this article, so keep reading!
Gymboree Files Chapter 11 Bankruptcy
The massive clothing retailer has found itself in hole filled with nearly $100 million in debt. Now, that’s not necessarily the biggest chapter 11 that we’ve seen, but it’s enough to make any nation wide company reconsider it’s future as a business. Even though Gymboree is closing over 800 stores, things may not be all that gloomy. We actually have reason to believe that Gymboree plans to stick around and fight this one. In recent news, Gymboree received $30 million debtor-in possession financing from Goldman Sachs. This kind of money wouldn’t only help Gymboree tremendously, but it might be just enough to start a serious acceleration out of their bankruptcy. In the midst of all of this, have no fear, your beloved Gymboree will still have clothes available online.
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