Gymboree Files Second Bankruptcy, Closing All Stores
ST. CLOUD -- A well-known children's clothing store is closing all of its locations including the one in St. Cloud.
Gymboree inside Crossroads Center will soon be closing along with every other Gymboree and Crazy 8 brand store. Gymboree Group announced Wednesday that the company will be undergoing Chapter 11 Bankruptcy.
This is the second bankruptcy the company has filed. The last bankruptcy in May 2017 forced the closure of 350 stores including both Gymboree and Crazy 8 brands.
For the company's Janie and Jack stores, Gymboree Group plans to sell the brand at an auction next month.
Shaz Kahng is the CEO of Gymboree Group says he appreciates the hard work of every employee, company-wide.
“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. At the same time, we are focused on using this process to preserve the Janie and Jack business – a strong brand that is poised to grow – by pursuing a sale of the business as a going concern. As we move ahead, we are working to minimize the impact on our employees, customers, vendors and other stakeholders.”
Gymboree Group is expected to make announcements on its going out of business sales in the near future.
The San Francisco based company was established in 1976.