Popular children's clothing chain Gymboree has recently declared bankruptcy and is planning on closing many of its stores.

According to USA Today, Gymboree plans to remain open but will do a major reorganization that includes closing 375-450 of its 1,281 locations. The USA Today article states that the major reason behind the bankruptcy is that Gymboree owes debts that they have been unable to pay off, along with the popularity of online shopping taking much of the store's business and the continuing decline of mall shopping.

The list of locations set to close has not been released, but following the announcement that QCA Payless Shoes locations will close, along with speculation about Gordmans and Gander Mountain, it's entirely possible that our Gymboree location at Northpark Mall could end up shutting its doors as well.

I can see why Gymboree's sales have declined in recent years since their clothing is often much more expensive than similar products available at Target and Old Navy. I've only purchased a few items from the store, and even then it was because they were on major sale. Still, I know several Gymboree lovers who would be incredibly disappointed if the Davenport location is among those that get the ax.

Read more about Gymboree filing for bankruptcy here.