Gymboree misses June 1 debt payment, bankruptcy seen as imminent

CNBC/Lauren Thomas/06-02-17

Children’s clothing company Gymboree is anticipated to file for bankruptcy protection sooner rather than later, as the retailer struggles to manage its debt and churn a profit.

Gymboree missed an interest payment due June 1 for its outstanding 9.125 percent senior notes due 2018, according to a Thursday filing with the Securities and Exchange Commission.

…”We do not expect [Gymboree] to make this payment or any other payments on its debt obligations, and expect a general default given ongoing lender negotiations,” S&P Global Ratings wrote in a note to clients Friday.

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