On June 11, the corporation signed a restructuring support agreement with a majority of its term loan lenders, securing stakeholder support for a financial restructuring and recapitalization facilitated by Chapter 11 bankruptcy filed with the U.S. Bankruptcy Court for the Eastern District of Virginia.
The company also is closing Gymboree stores in Bolingbrook, Vernon Hills, West Dundee, Bloomingdale, Springfield, Champaign, Peoria and Fairview Heights. "Importantly, 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 insane 8 brands".
Gymboree did not say when the individual store closings would take place, but closing sales at the affected stores are scheduled to begin July 18, the San Francisco-based retailer said in a statement.More news: Sunac China shares jump after United States dollars 9.3 billion deal with Dalian Wanda
Paducah's location is not on the closing list.
The closures in North Texas include four Gymboree stores- at the Collin Creek Mall, in Preston Park and at the Shops at Willow Bend in Plano and at the Vista Ridge Mall in Lewisville. She said it's unknown when the Fargo store will close.
Just one of the companys Central Valley stores is to be closed: a insane 8 store in the Chico Mall. The goal, it said, is a "right size store base".More news: Johanna Konta beats Caroline Garcia to reach Wimbledon quarterfinals
Many local shopping malls are going to have to grapple with the loss of one more retailer: Gymboree.
In Lincoln, Rue 21 Radio Shack, Vanity and Family Christian Stores have closed stores, but Sears, Gordmans, Payless and others have not.More news: Hundreds evacuated as wildfires spread across Californian coast