The children's clothing retailer Gymboree filed for Chapter 11 bankruptcy protection late Sunday.
The mall-based chain says it plans to remain in business during its restructuring, but will close 375 to 450 stores out of its fleet of its 1,281 locations.
The company employs more than 11,000 workers.
Gymboree says the restructuring will reduce its debt by more than $900 million and position the company for "long-term success."
Read more at BusinessInsider.com