San Francisco-based children’s apparel retailer Gymboree has filed for bankruptcy for a second time in less than two years. This time the company says it will be closing most of its stores, including all 49 of its Canadian Gymboree-branded locations. The announcement comes at a time when other retailers are closing stores in Canada, proving a challenge for brokers and landlords attempting to fill vacant spaces.
Gymboree confirms that it will close all of its Gymboree and Crazy 8 stores while at the same time attempting to sell its more upscale ‘Janie and Jack’ chain of stores, as well as related intellectual property and e-commerce operations.
In a statement, Gymboree CEO Shaz Kahng said, “The company has worked diligently in recent months to explore options for Gymboree Group and its brands, and we are saddened and highly disappointed that we must move ahead with a wind-down of the Gymboree and Crazy 8 businesses.”
