December 5, 2018 Comments Off on Gymboree Plans Store Closings Under Strategic Review Views: 422 National News

Gymboree Plans Store Closings Under Strategic Review

Children’s apparel retailer Gymboree Group, which emerged from bankruptcy protection this past spring, may close up to half its 900 stores under a strategic review process the company has announced. The San Francisco-based company plans to shutter all its Crazy 8 locations in 2019, and will significantly reduce the store counts of its Gymboree and Janie and Jack brands.

The review process could yield a sale or other transactions at the brand level, the company said. However, Gymboree Group said the review wasn’t guaranteed to result in a sale or other strategic alternative.

“These strategic initiatives are an important next step as we continue to look for ways to unlock additional value in our brands,” said Shaz Kahng, a turnaround specialist who was named Gymboree’s CEO in November. “We are optimistic about our future as a more streamlined organization that can deliver enhanced, long-term value to its stakeholders.”

Stifel and Berkeley Research Group are serving as Gymboree’s financial advisors. Milbank, Tweed, Hadley & McCloy LLP is serving as its legal counsel.

Read more at PR Newswire

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