Children’s apparel retailer on the hunt for a new CEO

The CEO of embattled Gymboree Corp. is stepping down.



The children’s apparel retailer said that Mark Breitbard will step down as chief executive once a successor has been named. He will assume the role of chairman of the board, effective Feb. 1, 2017.



Breitbard joined Gymboree in January 2013, coming from Gap Inc., where he had most recently served as president of Gap North America, and previously as executive VP of GapKids and babyGap from 2010 to 2011. Prior to that, he was chief merchandising and creative officer of Old Navy. Before Gap, Breitbard served as president of the retail division of Levi Strauss & Co., from 2007 until 2009.



Gymboree was taken private by Bain Capital in 2010 in a deal valued at about $1.8 billion. According to a Bloomberg report, it faces a wall of debt due next year. The chain has also been challenged with sluggish sales amid online competition.



"I have given serious thought to the evolving needs of The Gymboree Corporation as an organization, and I believe this is the right time for the board of directors to identify a new CEO to lead the company forward as we continue to focus on the strategic plans for our brands," Breitbard said.



The board will initiate a search to identify a new CEO.



The apparel segment of retailing has been hit by several CEO exits in recent weeks, the most recent being the abrupt departure of Linda Heasley as CEO of Lane Bryant and Catherine’s. Also out: LuAnn Via, president and CEO of Christopher & Banks.