Gymboree Corp. Chief Executive Officer Mark Breitbard plans to step down from the embattled retailer, which faces mounting losses and a wall of debt due next year, Bloomberg News reported today. Breitbard will take the role of chairman on Feb. 1 and leave the CEO job once a successor has been named. The executive cited the “evolving needs” of the company as the reason it should identify a new leader. The children’s apparel company, which was taken private by Bain Capital in 2010 in a deal valued at about $1.8 billion, reported a $10.9 million quarterly loss last month. It had cash on hand of $9.7 million at the end of the period. Gymboree, based in San Francisco, has a term loan of more than $760 million due in February 2018. A group of lenders has hired Rothschild Inc. to advise them as the retailer faces a potential restructuring of its $1 billion debt this year.
