US children’s apparel retailer Gymboree Group is said to be preparing to file for bankruptcy protection as soon as this week, in a move that would be its second bankruptcy filing in less than two years.
As part of the process, the company, which first filed for voluntary Chapter 11 bankruptcy protection in June 2017, expects to close the majority of the 900 stores it operates under the Gymboree, Janie and Jack, and Crazy 8 brands.
The retailer is also trying to sell its Janie and Jack business, which could save the brand and its roughly 139-store footprint, according to a report published by CNBC.
In early December the group said it was exploring options for the Gymboree and Crazy 8 chains that will result in a closure of all Crazy 8 stores and a “significant” reduction in the number of Gymboree stores in 2019.
A spokesperson for communications firm Joele Frank told just-style the Gymboree Group has not made any announcements or comments about a potential filing or store closings other than the strategic review announcement made in December within which the retailer noted its intention of closing its Crazy 8 locations and significantly reducing the number of Gymboree store locations.