September 7, 2017 / 11:45 PM / 10 months ago

Children's apparel retailer Gymboree wins nod to exit bankruptcy

Children’s apparel retailer Gymboree Corp won court approval on Thursday to exit Chapter 11 bankruptcy with a plan to cut its debt by around $1 billion, joining a handful of retailers that expect to successfully reorganize this year.

Unlike clothing chains such as The Limited and WetSeal that have liquidated in 2017, San Francisco-based Gymboree will continue as a going concern after converting debt to equity, modifying leases and closing about a quarter of its 1,300 shops.

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