Children's apparel retailer Gymboree Group Inc. announced it was filing for Chapter 11 bankruptcy protection for the second time in less than two years.
The San Francisco-based company will close all of its more than 900 Gymboree and Crazy 8 stores as part of its bankruptcy and will pursue a sale for its higher-end Janie and Jack brand, which has 129 stores nationwide.
The company listed assets ranging between $100 million and $500 million, with liabilities between $50 million and $100 million.
"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 CEO Shaz Kahng.
Gymboree announced in December it was beginning a strategic review process to "reposition" the company.
Kahng was appointed as the company's new CEO on Nov. 14, 2018, after about a year of being on the company's board.
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