The Wall Street Journal: Gymboree expected to file for bankruptcy, liquidate all its stores

Children’s clothing retailer Gymboree Group Inc. is expected to seek bankruptcy protection this week, with plans to close all 900 of its stores, according to people familiar with the matter.

The expected bankruptcy comes less than two years after the retailer’s first stint in bankruptcy court, when it closed a portion of its stores and saw lenders take control of the business.

The stores operate under the banners Gymboree, Janie and Jack and Crazy 8. In December, Gymboree announced it began a strategic review of the three brands, which could result in a sale or other transactions at the brand level.

The Wall Street Journal reported Gymboree was looking for a loan to help carry it through bankruptcy proceedings and was expected to return to court in January. While Gymboree is expected to liquidate, the fate of Janie and Jack stores is still up in the air, one of the people said. If not buyer can be found, the chain could also be liquidated.

An expanded version of this report appears on WSJ.com.

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