US-based children’s apparel retail chain Gymboree Group has initiated a strategic review of its Gymboree, Janie and Jack, and Crazy 8 brands, which may include sales at the brand level.
The company is also planning to close its Crazy 8 stores and reduce the number of Gymboree stores next year.
However, all Gymboree, Janie and Jack and Crazy 8 branded stores will remain open throughout the holiday season.
Gymboree Group CEO Shaz Kahng said: “The process we announced today is designed to reposition the company for success by establishing a brand portfolio and store footprint that is optimised for the current retail environment.
“These strategic initiatives are an important next step as we continue to look for ways to unlock additional value in our brands. We are optimistic about our future as a more streamlined organisation that can deliver enhanced, long-term value to its stakeholders.
“Our team remains focused on delivering the quality children’s clothing and accessories and exceptional service that our customers have come to expect from us.”
Gymboree intends not to disclose developments or provide updates on the strategic review process status unless it deems further disclosure is required.
Stifel and Berkeley Research Group are serving as financial advisors while Milbank, Tweed, Hadley & McCloy is serving as the legal counsel.
Gymboree Group currently operates 380 stores under its own brand in the US and Canada as well as hundreds of stores under other brands in the US, Canada and Puerto Rico. It also operates online stores.