Gymboree Group Inc. will shut down after going bankrupt a second time, the victim of falling mall traffic and cheaper online sources of kids clothing.
The retailer filed for protection from creditors owed about $212 million in U.S. Bankruptcy Court for the Eastern District of Virginia, according to a statement late Wednesday. The San Francisco-based company, which operates 945 stores under three brands in the U.S. and Canada, plans to close its Gymboree and Crazy 8 chains after failing to find anyone willing to buy them, court papers show. A unit of Goldman Sachs Group Inc. is leading bids for Gymboree’s higher-end Janie and Jack business. . . . more