Gymboree Is Filing For Bankruptcy, Closing Up To 450 Stores
I feel like they're aren't many stores that sell children's clothing exclusively, so it is sad to see so many of these stores closing. They have such cute stuff!
According to USA Today, the retail chain will be staying in business, but closing between 375 to 450 of its 1,281 locations. Gymboree employs more than 11,000 people, and 10,500 of those are hourly workers.
This story we are hearing all too often is a direct result of decreased mall traffic, fixed rent costs, and online competition. The Limited, Rue 21, and Payless Shoe Source declared bankruptcy this year. Many others are struggling to stay afloat.
It will be interesting to see what becomes of shopping malls over these next 10 years.