Children's retailer Gymboree filed for Chapter 11 bankruptcy Sunday and will close more than 375 stores, according to Fortune.
The retailer said it could close up to 450 of its 1,281 stores as the company reorganizes.
The San Francisco-based company says it is seeking to reduce its debt by $900 million. It expects to operate its business and majority of its stores during the restructuring.
“The steps we are taking today allow the company to definitely address its debt and enable the management team to turn its full focus toward executing our key strategies,” Gymboree CEO Daniel Griesemer said in a statement.
Gymboree is the latest retailer to file Chapter 11 bankruptcy, close stores or go out of business entirely in 2017. Shoe chain Payless ShoeSource filed for bankruptcy protection in April and The Limited closed all 250 of its remaining stores early this year. Teen retailer Wet Seal in January said it would close its 171 stores.
Brianna Chambers contributed to this report.
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