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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.
The San Francisco-based company now has a 30-day grace period to make a belated payment, the SEC filing said.
"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.
S&P Global has lowered its corporate credit rating on the company to "D" from "CC."
Technically, a payment default has not occurred yet for Gymboree due to the 30-day grace period.
"However, we believe there is a high likelihood that the company will not make the interest payment in full within the stated grace period, given that the company is in negotiations with lenders and bondholders to restructure its debt," S&P Global said.
"Roughly $872 million of the company's roughly $1.1 billion total debt is due within 12 months and operating trends continue to deteriorate," said the ratings agency.
A large portion of Gymboree's current debt was taken on during a $1.8 billion leveraged buyout by Bain Capital in 2010.
In May, The Wall Street Journal reported the company was looking at closing a number of stores under a court-backed bankruptcy plan and was talking to firms that liquidate inventories and other assets.
Watch: Retailers may have more debt than investors realize