Gymboree Corp. filed for chapter 11 bankruptcy protection Monday after retaining a turnaround firm last month to assist with its operations, the Wall Street Journal reported. The children’s apparel retailer, which also announced the departure of Chief Financial Officer Andrew North, has been in discussions with lenders since the beginning of the year as it grapples with a heavy debt load, much of which stems from Bain Capital’s $1.8 billion leveraged buyout of the retailer in 2010. In conjunction with the filing, the company said that it secured commitments for up to $308.5 million in additional financing. Public filings show Gymboree has some $1.043 billion in outstanding debt, of which about $872 million is due in less than a year. Gymboree worked with turnaround firm AlixPartners LLP prior to its bankruptcy filing, and Liyuan Woo, a director at AlixPartners, will serve as interim CFO until a permanent replacement is identified.
