Gymboree Corp. is planning a significant reduction in its store fleet.

The retailer is looking to close hundreds of stores part of a restructuring under bankruptcy court protection, The Wall Street Journal reported. The final number of stores, however, has yet to be determined.

Citing unnamed sources, the report said Gymboree was likely to file for Chapter 11 bankruptcy protection in the coming week. The retailer is struggling with declining sales, and reported a 5% decrease in same-store sales for its most recent (second) quarter. It has posted losses for the last several years amid increased competition…