Gap Inc., which recently announced plans to close more than 200 stores, is planning to buy bankrupt Gymboree Group Inc’s Janie and Jack brand.
Gap was listed in bankruptcy court documents Saturday as the highest and best offer for “certain assets” related to the Janie and Jack business, offering to pay $35 million for the fashion line, leases to stores, online platform, and customer data, according to the bankruptcy court documents.
It is unclear at this time how Gap will use Janie and Jack after news last week that the namesake company is splitting from Old Navy to operate as two separate publicly traded comapanies. Gap will take Banana Republic and Athleta.
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Gymboree filed for bankruptcy in January with plans to sell the Janie and Jack brand and close Gymboree and Crazy 8 stores.
The Children’s Place will pay $76 million for the rights to Gymboree and Crazy 8 brands and assume a contract with Zeavion Holding Co., which acquired Gymboree’s Play and Music business in 2016.
Both sales must still be approved by a bankruptcy court judge. The hearing is expected to take place today.
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