Children’s apparel retailer Gymboree Corp. said yesterday that the U.S. Bankruptcy Court for the Eastern District of Virginia has confirmed its plan of reorganization, Reuters reported. The retailer also said a comprehensive recapitalization will be completed that will eliminate more than $900 million of debt. Kirkland & Ellis LLP is serving as the company’s legal counsel, AlixPartners LLP is serving as its financial advisor, and Lazard is serving as its investment bank, according to the statement. Gymboree had filed for chapter 11 protection in June 2017 with a plan to cut its debt by around $1 billion and close 375 stores. Read more.
What does the future hold for retail bankruptcies? Be sure to attend ABI’s Bankruptcy 2017: Views from the Bench on October 17.
