Gymboree to close 16 Illinois stores
Gymboree, a children's clothing retailer, said it is closing 350 stores, including 16 Illinois locations.
The store closings include some of its sister stores — Janie and Jack and Crazy 8. The store closings are part of the company's voluntary Chapter 11 bankruptcy filing and are expected to reduce debt by more than $900 million, according to a company statement.
“Today's announcement represents the next step in the company's court-supervised financial restructuring as we work to more strongly position the business for long-term growth and success,” said Gymboree President and CEO Daniel Griesemer.
Area Gymboree stores that are closing are in Algonquin, Vernon Hills, Aurora, Bloomingdale, Bolingbrook, West Dundee, Champaign, Fairview Heights, Peoria and Springfield.
An outlet store is closing in Tuscola and Crazy 8 stores set to close are in Lombard, North Riverside, Algonquin, Aurora and Lincolnwood.
Liquidation sales are expected to begin Tuesday.
The company started in 1976 and has grown from offering mom-and-baby classes in the San Francisco Bay Area to operating more than 1,300 retail stores in the United States and Canada, along with franchises around the world.
“Right-sizing our store footprint is a central part of our efforts to ensure Gymboree emerges from this restructuring process as a stronger and more competitive organization, with greater financial flexibility to invest in our future,” Griesemer said.