Bankruptcy is something that can help almost anyone get out of debt. Whether you run a small business that isn’t making enough money or want to get out of personal debt, there are bankruptcy options that can help.
Take, for example, this news report about Gymboree. The Gymboree group officially filed for bankruptcy, and that puts Janie and Jack stores in jeopardy as well. These popular stores for children’s clothing are struggling to keep up with their expenses, so the goal is to enter into Chapter 11 bankruptcy for restructuring.
As part of the restructuring, 800 stores will close. The company plans to keep 140 of its upscale Janie and Jack stores open, even though it would close over 800 Crazy 8 and Gymboree clothing stores throughout the country to do so. There are several stores that will be impacted in Texas.
The Gymboree Group is asking for a buyer for the Janie and Jack stores, and it’s attempting to sell intellectual property and online stores as well.
Gymboree Play & Music, which offers art and music courses to children, remains an independent company. These courses are going to continue to be available despite the impact on the clothing retailer’s other outlets.
As many businesses struggle to stay relevant with the increase in online shopping, bankruptcy and Chapter 11 options are more important now than ever. Restructuring could be the right choice to get a business back on track and to help it continue growing, even as the world continues to change and retail stores have to adjust for better sales.