Another national retailer will close hundreds of stores, following in the footsteps of Elder-Beerman, Sears and Toys “R” Us.
Gymboree has officially filed for bankruptcy. This is the second time in less than two years the clothing retailer has declared bankruptcy. But this time, the company plans to liquidate rather than restructure.
Both Gymboree and Crazy 8 branded stores will close under the bankruptcy plan. The third brand, Janie & Jack, is up for sale, according to Chain Store Age. Roughly 800 stores will close.
“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,” said Shaz Kahng, who was named CEO of Gymboree Group in November.
Rewards programs for the stores have been canceled, effective immediately. Going out of business sales will begin soon, Chain Store Age reports.
In December, the company announced it was looking for strategic alternatives for its brands. It has previously filed for bankruptcy protection in June 2017, emerging with fewer stores in September of that year.
Gymboree Play & Music operates as a standalone and is not included in the bankruptcy filing.
There are Gymboree stores at The Greene Town Center and several in the Cincinnati and Columbus regions. Crazy 8 has stores in the Mall at Fairfield Commons and Dayton Mall.
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