The Gymboree Corporation has emerged from Chapter 11 bankruptcy as new entity Gymboree Group.
The company has completed financial restructuring and a court-approved plan of reorganisation is in place, which has improved its financial position and established a sustainable capital structure by reducing its debt by more than $900m from its balance sheet.
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In addition, the company also reduced its store footprint as part of the reorganisation exercise.
Gymboree Group president and CEO Daniel Griesemer said: "Today marks a new beginning for Gymboree Group as we emerge as a stronger and more agile competitor in the children's apparel market.
"With the support of our new equity owners, this process has allowed us to secure the company's long-term financial health, and we are excited about the opportunities ahead as we turn our full focus toward executing our strategic product, brand and omni-channel initiatives.”
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In addition to an $85m new term loan from Goldman Sachs, the company has secured access to a $200m revolving credit facility from Bank of America Merrill Lynch and Citizens.
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By GlobalDataThe company will operate under new owners, comprising Searchlight, Apollo Global Management, Oppenheimerfunds, Brigade Capital Management, Marblegate, Nomura Securities International and Tricadia Capital Management, which also served as pre-petition term loan lenders.
