July 12 (UPI) -- Gymboree Corp. announced the closure of about 350 of its nearly 1,300 stores on Wednesday, part of the company's bankruptcy restructuring.
The national retailer of children's clothing will largely close stores with the Gymboree, Gymboree Outlet and Crazy 8 brands. Closing sales will begin on July 18. Gymboree Corp. also sells children's clothing and merchandise under the Janie and Jack brand.
In a statement, Gymboree president and CEO Daniel Griesemer referred to the closures as "right-sizing our store footprint." The closures are part of a comprehensive restructuring in accordance with a voluntary, court-supervised Chapter 11 bankruptcy filing announced in June.
"We will continue to operate a majority of our stores and will continue to deliver quality merchandise and superior service to our customers at our Gymboree, Janie and Jack and Crazy 8 brands. This was a difficult decision to make, but we are confident that it is in the best long-term interest of our company, our customers and our broader employee base," Griesemer's statement said in part.