As expected, Gymboree Group Inc. (San Francisco) has filed for Chapter 11 bankruptcy protection. In doing so, the company also plans to close all stores under its namesake and Crazy 8 banners.
It will keep its higher-end Janie and Jack stores in operation, however, and plans to pursue a sale of the business as a going concern.
Last month, the company announced plans to close its Crazy 8 business. This comes as the company’s second bankruptcy filing in as many years.
According to CBS News, an affiliate of Goldman Sachs has agreed to purchase the business, with plans to auction it off to the highest bidder.