Interest shall be computed at the end of each calendar month for the actual number of days involved.
For the purpose of computing the interest charge, the following shall be observed: (i) Advance payments shall be considered as increasing the unliquidated balance as of the date of the advance payment check.
If the accrued interest exceeds the payment due, any excess interest shall be carried forward and deducted from subsequent payments of the contract price or fixed-fee. Interest on advance payments shall cease to accrue upon (i) satisfactory completion or (ii) termination of the contract for the convenience of the Government.
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, shedding fewer than 350 stores out of nearly 1,300 total, with most of those closures focused on the lower-priced Crazy 8 and namesake Gymboree stores.
(The high-end Janie and Jack has been profitable for Gymboree.) And now Gymboree, like Payless, Founded in San Francisco in 1976, Gymboree was at first a play and learning outlet for kids (a side of the business since sold off). In bankruptcy filings, Gymboree said it had "fallen victim to adverse macro-trends" such as the growth of online sales and traffic declines at malls.
The retailer had problems of its own making as well.
David Silverman, senior director for retail coverage at Fitch Ratings, told Retail Dive in an earlier interview that Gymboree’s various store lines have essentially been cannibalizing each other while competitors such as Carters and The Children’s Place have been outpacing the company in growth.
(d) When the sum of all unliquidated advance payments, unpaid interest charges, and other payments exceed ___ percent of the contract price, the Government shall withhold further payments to the Contractor.
On completion or termination of the contract, the Government shall deduct from the amount due to the Contractor all unliquidated advance payments and all interest charges payable.
Interest need not be charged on advance payments to nonprofit educational or research subcontractors for experimental, developmental, or research work. If the agency considers a more rapid liquidation appropriate, add the following sentence as the first sentence of paragraph (e) of the basic clause with the appropriate percentage specified: To liquidate the principal amount of any advance payment made to the Contractor, there shall be deductions of _____ percent from all payments made by the Government under the contracts involved. If the agency provides advance payments under the contract at no interest to the prime contractor, add the following sentences as the beginning sentences of paragraph (f) of the clause: No interest shall be charged to the prime Contractor for advance payments except for interest charged during a period of default.
The terms of this paragraph concerning interest charges for advance payments shall not apply to the prime Contractor. If the requirement for a special account is eliminated in accordance with 32.409-3(e) or (g), insert the clause set forth below instead of the basic clause.
The store closures are also a way to shore up the company’s balance sheet for the long-term, scaling down the retailer as it tries to focus on its most profitable lines.
For its part, Gymboree said in court documents that it was trying "[t]o protect the inherent value in its businesses and to address the existing macro-economic challenges" by rationalizing its store footprint, cutting operating costs and developing its wholesale business and online presence.
If this Alternate is used in combination with ], or (2) under a letter of credit.