Gymboree emerges from bankruptcy
Gymboree Corp. said Friday that it emerged from bankruptcy, less than four-months after the childrens apparel retailer file for Chapter 11 protection. The company had said earlier this month that its plan of reorganization had been confirmed by the U.S. Bankruptcy Court for the Eastern District of Virginia, and that it had expected to complete its financial restructuring by the end of September. When the company announced the bankruptcy on June 11, it said the recapitalization would reduce debt by $900 million, and that the majority of stores would operate as usual. Since Gymboree went bankrupt, the SPDR S&P Retail ETF (XRT) has gained 1.9% and the S&P 500 has climbed 3.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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