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Gymboree to close 3 stores in South Carolina

With the increasing popularity of online shopping, many clothing retailers have struggled to stay afloat. Even though malls are still popular, they lack the footfall that they once had. As a result, many retailers are ending up in bankruptcy, either to liquidate their assets or to restructure their businesses.

Bankruptcy is a hard pill to swallow for many businesses, but it has to happen in some cases. Gymboree is the latest store to go through closings as a result of poor sales, with three South Carolinian outlets closing under a bankruptcy plan.

The Gymboree Corp. is closing the three stores as a way to help refinance its stores across the country. The shops in South Carolina are among 350 that are closing as a result of the restructuring being monitored through the courts. The stores being closed are spread out across the country.

The stores closing in South Carolina include the Gymboree store located at Mount Pleasant Town Centre, Midtown at Forest Acres and Village at Sandhill. This is a sudden turn of events; Gymboree Corp. only filed for bankruptcy protection in June 2017. It is one of many retailers that have been having a hard time handling a downturn in mall traffic combined with competition from online businesses. Previously, the popular Wet Seal closed its doors suddenly in early 2017.

Despite closing that many stores, Gymboree will still have over 900 locations around the United States, six of which are in South Carolina. At least one is located in Columbia, where two of the stores closing are also located.

When a store struggles to stay afloat, a restructuring plan can help. Whether it means moving to new locations with lower rental costs or shutting down stores, restructuring through bankruptcy can help keep the business afloat during difficult times.

Source: The Post and Courier, "Gymboree closing 3 South Carolina stores under bankruptcy plan; Freshfields, West Ashley adding merchants," Warren L. Wise, July 12, 2017

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