Gymboree Corp., a children's apparel specialty retailer, filed for chapter 11 bankruptcy protection Monday, MarketWatch reported.
The company hired turnaround firm AlixPartners LLP to facilitate the move last month. Filings show Gymboree has $1 billion in outstanding debt and $872 million due within a year.
A large portion of the debt is from Bain Capital's $1.8 million leveraged buyout of Gymboree in 2010.
The company also announced the departure of CFO Andrew North. An interim CFO from AlixPartners, Liyuan Woo, will take North's place until a replacement is hired.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) , Infineon Technologies AG (IFNNY) and ASML NV (ASML) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL) on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.