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Gymboree will not be fading into retail history after all. The bankrupt children’s retailer has sold the rights to its Gymboree, Crazy 8, and Janie and Jack brand names.
Children’s Place Inc. will pay $76 million for the Gymboree and Crazy 8 brand names, while Gap Inc. is paying $35 million for the Janie and Jack assets, including its website and intellectual property, according to a bankruptcy court document. Gap will also buy the Janie and Jack inventory from a liquidation company, reports CNBC.
Gymboree filed for bankruptcy in January, announcing that it would close its 800 Gymboree and Crazy 8 stores.
Gap Inc. announced last week that it was splitting off Old Navy into a company separate from its other brands.
Children’s Place operates nearly 1,000 stores in the U.S., Puerto Rico and Canada.
By Edmund Mander
Director, Editor-In-Chief/SCT
