Gymboree files for bankruptcy protection
Reuters reported that children’s clothing retailer Gymboree Group Inc filed for Chapter 11 bankruptcy protection, the second time in almost two years, and said this week it will close more than 800 Gymboree and Crazy 8 stores. The San Francisco-based company said it will also sell its high-end line, Janie and Jack, as well as its intellectual property and online platform. More than 20 US retailers, including Sears Holdings Corp and Toys R US, filed for bankruptcy since the start of 2017. The media sentiment is that they succumbed to the onslaught of fierce e-commerce competition from companies like Amazon Inc, however other bricks and mortar retailers have soared during the same period. This suggests that the e-commerce narrative is only part of the story.