Children’s clothing retailer Gymboree Group is expected to file for bankruptcy protection, its second time in less than two years, this week. The Group which includes brands like Crazy 8 and Janie and Jack, will close nearly all of its roughly 900 stores, said a source close to the matter.
The retailer is also reportedly trying to sell Janie and Jack, which could save the brand and its roughly 139-store footprint.
The company previously filed for bankruptcy in June 2017 and closed nearly 375 stores in the process. At the time, it was dealing with more than US $ 1 billion in debt left over from a leveraged buyout by Bain Capital Partners in 2010 and it operated more than 1,280 stores.
During the summer of 2018, Gymboree seemed poised for a turnaround, with a focus on better quality products and merchandise which also included selling separates and accessories that could be more easily mixed and matched.
Gymboree also updated its retail stores, upgraded its e-commerce site and launched a mobile shopping app. But the efforts didn’t seem to have been enough to save the chain from insolvency.
