Attorneys in Kutak Rock's Richmond, Virginia office are serving as lead local counsel in chapter 11 bankruptcy proceedings for children's clothing chain Gymboree.

Michael Condyles, Peter Barrett and Jeremy Williams, all partners, head the firm's involvement in the matter.

Gymboree has more than $1 billion in debt coming due and had missed a debt payment earlier this month, according to national reports. The reorganization plan, which could be filed by the end of the week and confirmed in about 90 days, could reduce its debts by $900 million.

Gymboree cites increased competition and the declining popularity of brick-and-mortar stores in its move to chapter 11.

For more information, see this article in the Richmond BizSense online magazine. Further coverage can be found at The American Lawyer (registration required).