Gymboree is closing its Peninsula Town Center store

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Gymboree Corporation announced on Tuesday that it has filed Chapter 11 bankruptcy, and plans to close 350 stores, mostly Gymboree and insane 8 locations.

The Crazy 8 store at the Millenia Crossing shopping center will also close. The company has not announced exact closing dates for the stores.

Other Gymboree stores closing in North Carolina are in Charlotte, Greenville, Hickory, Raleigh and Wilmington.

The San Francisco-based company said Tuesday that it's mostly closing Gymboree and insane 8 stores.

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The list includes Gymboree stores at Destiny USA in Syracuse, Walden Galleria near Buffalo, Oakdale Mall in Johnson City and Wilton Mall in Saratoga Springs. Sears, for example, said recently that the company would close an additional eight Sears and 35 Kmart stores, adding to the hundreds of stores it already planned to shutter.

A Gymboree outlet store in Tuscola and insane 8 stores in Lombard, North Riverside and Lincolnwood also are slated to close. It is the Gymboree at the West Park Mall in Cape Girardeau, Missouri.

In a statement addressing customers, the company said after more than 40 years in business, they are "restructuring" to improve it's financial profile. Gymboree also owns the insane 8 and Janie and Jack chains, which both have a presence at malls across Upstate New York.

Gymboree filed for bankruptcy protection in June, indicating they might close as many as 450 stores.