On the heels of The Limited bankruptcy filing, another retailer appears to be on the precipice of Chapter 11.

Gymboree (Gymboree Corp.) reported yesterday that its CEO, Mark Breitbard will be stepping down once a successor is appointed. Breitbard will assume the role of Chairman of the Board effective February 1st.

It was also reported that Gymboree has retained Lazard as a financial advisor and Kirkland & Ellis as legal advisor for restructuring options. Can a bankruptcy filing be far behind?

With the closing of all of the Limited’s stores and the announcement that teen retailer Wet Seal will close all 171 of its stores, a Gymboree bankruptcy would add to the recent bloodbath for apparel retailers. Landlords must be wary of their rights while retailers continue to falter.