Children's retailer gymboree has filed for Chapter 11 bankruptcy protection, joining a growing list of brick-and-mortar retailers trying to restructure their debt under court supervision. Gymboree will close more stores after its second request for Chapter 11 protection after winding up select stores and cutting its debt by US$900m in debt after its first bankruptcy in September 2017. The retailer has fallen victim to a shift in consumer spending patterns that prioritises online shopping, which has forced more than 20 US retailers to seek bankruptcy protection since the beginning of 2017.
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