In order to wriggle free of it’s over $1 billion dollars of debt, retailer Gymboree has filed for Chapter 11 bankruptcy. Josh King has the story (@abridgetoland).

Buzz60

Children’s clothing chain Gymboree filed for Chapter 11 bankruptcy protection late Sunday, aiming to slash its debts and close hundreds of stores amid crushing pressure on retailers.

Gymboree said it plans to remain in business, hoping to regain its financial footing despite considerable challenges for physical retailers.

The company plans to close 375 to 450 of its 1,281 stores, according to a court filing, putting many workers at risk of losing their jobs. Gymboree employs more than 11,000 people, including 10,500 hourly workers.

Gymboree has 11 stores in Wisconsin, including shops at Bayshore Town Center, Southridge Mall and Brookfield Square. Other locations include the Pleasant Prairie Premium Outlets, Johnson Creek Premium Outlets, Regency Mall in Racine, Outlets at the Dells in Baraboo, Outlet Shoppes at Oshkosh, West Towne Mall in Madison, Bay Park Square in Green Bay and Valley View Mall in La Crosse.

The bankruptcy was widely expected after Gymboree refused to pay certain bills in recent months, placing the retailer on a collision course with creditors. The retailer said it hopes to slash $1 billion of its $1.4 billion in debt and to win approval for its…