Children’s Place, Gap buy Gymboree assets at auction
Gymboree Group has found buyers for its brand assets.
The Children’s Place Inc. plans to buy $76 million in assets from the bankrupt retailer, including the rights associated the Gymboree brand and its value-oriented Crazy 8 brand. Gap is buying the intellectual assets, including the website, of Gymboree’s upscale Janie and Jack chain for $35 million. It also plans to buy the chain’s inventory from a liquidation company.
The sales were revealed in court documents. Both are subject to court approval, with a hearing to begin March 4.
Gymboree Group filed for bankruptcy in January, saying it would close all its stores. The retailer previously filed for bankruptcy protection in June 2017, and successfully emerged later that year. But the retailer has been under increasingly heavy competition from online players along with Target and Walmart, both of whom have expanded their kids’ clothing offerings, and a reenergized The Children’s Place.