Gymboree Group Inc. (San Francisco) is expected to file for bankruptcy protection this week, less than two years after the company filed for its first bankruptcy, according to a source familiar with the situation, reports CNBC.
The company is expected to close many of its 900 stores under the Gymboree, Janie and Jack and Crazy 8 brands. The anonymous source said it was also aiming to completely sell off its premium Janie and Jack brand as a means to prevent its 139 stores from closing.
Gymboree has not commented on the reports. It first filed for bankruptcy in June 2017, when it had more than $1 billion in debt left over from a leveraged buyout by Bain Capital Partners in 2010.