ADVERTISEMENT
Gymboree is reportedly the latest retailer planning to file for Chapter 11 bankruptcy protection as it faces a June 1 interest payment on its debt.
According to a Bloomberg report, Gymboree is carrying more than $1 billion in debt from its 2010 buyout by Bain Capital. The company said last month that it was running short on cash and needed creditors to refinance its debt. The June 1 interest payment applies to its 9.125 percent notes that are due 2018.
The retailer operates about 1,300 stores, and has not posted an annual profit since 2011, with losses totaling more than $800 million.
Among its area stores are outlets in Danbury, Stamford and Trumbull in Fairfield County, and in Scarsdale and White Plains in Westchester.
