Kids clothing retailer Gymboree shutting down
Decline in mall traffic cited
After filing for bankruptcy protection in January – for the second time in two years – kids clothing retailer Gymboree has announced it is closing its remaining stores in Canada (49) and the United States.
“The company has worked diligently in recent months to explore options for Gymboree Group and its brands, and we are saddened and highly disappointed that we must move ahead with a wind-down of the Gymboree and Crazy 8 businesses.”– CEO Shaz Kahng
Like many retailers, Gymboree (which has a store at Georgian Mall), has suffered from sharp declines in mall traffic and the shift to online shopping.