Gymboree to File for Bankruptcy Protection

Gymboree Group Inc. (San Francisco) is expected to file for bankruptcy protection this week, less than two years after the company filed for its first bankruptcy, according to a source familiar with the situation, reports CNBC.

The company is expected to close many of its 900 stores under the Gymboree, Janie and Jack and Crazy 8 brands. The anonymous source said it was also aiming to completely sell off its premium Janie and Jack brand as a means to prevent its 139 stores from closing.

Gymboree has not commented on the reports. It first filed for bankruptcy in June 2017, when it had more than $1 billion in debt left over from a leveraged buyout by Bain Capital Partners in 2010.