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Report: Gymboree prepares for bankruptcy, set to close most stores

The children's clothing chain has 11 stores in Minnesota.

Gymboree, the San Francisco-based children's clothing retailer, is reportedly close to filing for bankruptcy for the second time in two years.

Citing someone familiar with the situation, CNBC reports that the retailer is expected to file for Chapter 11 as early as this week, and that the closure of most, if not all, of its remaining 900 stores.

Between Gymboree and its other store brands, Janie & Jack and Crazy 8, the company has 11 stores in Minnesota, most of them located in the Twin Cities metro, with others in Rochester and St. Cloud.

Six of those are Gymborees, including stores at Ridgedale Center, Woodbury, St. Cloud, and Rochester, and two outlet stores in Albertville and Twin Cities Premium Outlets in Eagan.

The three Crazy 8s are located in Maplewood Mall, Eagan and Rochester, while the Janie & Jacks are at the Mall of America and the Eagan outlet mall.

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Gymboree was previously forced into declaring Chapter 11 in June 2017 after struggling with more than $1 billion in debt following a leveraged buyout, and closed some 375 of its stores shortly after.

But if you're looking for a bargain, Yahoo News reports that Gymboree is currently slashing prices in store and online, which includes 40 percent off full-price items and an extra 30 percent off sale items.

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