Cheyenne, Wyo. - Two children’s clothing stores will soon be closing as part of a bankruptcy restructuring.
Retailer Gymboree will close both the Cheyenne store in Frontier Mall and the Casper store in Eastridge Mall, along with 348 others across the country.
"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," Gymboree CEO Daniel Griesemer said in a statement.
The company filed for bankruptcy protection in June, and finalized its financial restructuring and emerged from Chapter 11 on September 29, as a new corporation under the name Gymboree Group, Inc.
Their goal was to create a "right size store base" and eliminate more than $900 million of debt.
The company now plans to focus resources on locations with the greatest potential and improve the profitability of the overall business. Gymboree currently operates 1,281 stores across the United States with more than 11,000 workers.
The Company has received an $85 million new term loan from Goldman Sachs and access to a $200 million revolving credit facility from Bank of America Merrill Lynch and Citizens.