After weeks of rumor, the company officially announced it has filed for bankruptcy.

According to WMUR News 9, Gymboree Group said it plans to start closing all 800 branded Gymboree and Crazy 8 branded stores. Shaz Kahng, who has only been CEO for two months said  "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."

The company's Janie and Jack stores, a more upscale brand, are expected to be sold through bankruptcy court auction next month.

This isn't Gymboree's first chapter with bankruptcy. Back in  2017, the company was dealing with debt surpassing $1 billion. Then, the company was able to shed a reported $900 million in debt by closing the doors of 375 stores. Gymboree currently operates four locations in the Granite State, with a few others on the North Shore of Massachusetts, and in Kittery, Maine. As of today, there is no word of when they will be shutting down.



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