There has been no specifics on which of the nearly 1,300 stores the company owns will be closed. The company owns not only Gymboree stores but also Crazy 8 and Janie and Jack stores.
Gymboree has arranged to borrow $35 million to help restructure the company. According to Forbes, the company plans to close 375 stores but may close as many as 450 of its 1,281 stores. Gymboree has 11,000 employees, according to the bankruptcy filing.