Gymboree

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Gymboree Group, Inc.
Private
IndustryRetail
FateChapter 11 Bankruptcy
FoundedFebruary 8, 1976; 43 years ago (1976-02-08)
Headquarters71 Stevenson St. #2200
San Francisco, California, U.S.
Number of locations
Gymboree: 629
Gymboree Outlet: 139
Janie and Jack: 119
Crazy 8: 220 (January 2010)[1]
Key people
Dan Griesemer (President and CEO)
ProductsChildren's clothes & Toys
RevenueIncrease US$1.247 billion (FY 2016)[2]
Increase US$ -10.17 million (FY 2016)
Total assetsDecrease US$1.156 billion (FY 2016)
Number of employees
9,500 (4,300 full-time equivalents)[3]
Websitewww.gymboree.com
Gymboree San Francisco headquarters

Gymboree Group, Inc. is an American corporation that operates a chain of over 1,200 specialty retail stores of children's apparel in the United States, Puerto Rico and Canada. Bain Capital acquired the company in 2010. Gymboree filed for bankruptcy in June 2017 and emerged from bankruptcy in September 2017. The company is now owned by a group of its original lenders.[4] In January 2019, the company filed for bankruptcy for the second time in three years, announcing plans to shut down all Gymboree and Crazy 8 retail locations and sell off the Janie and Jack brand.

History[edit]

Retail stores[edit]

In 1986, the company opened a chain of clothing stores named Gymboree. Gymboree stores offer coordinating children's clothing. The sizes range from newborn to size ten. Gymboree, in its current incarnation (it has reorganized several times) is incorporated under the Gym-Mark, Inc nameplate. It currently operates 630 Gymboree Retail, 150 Gymboree Outlet, 130 Janie & Jack, and 290 Crazy 8 stores in the US.

Gymboree store in Toronto

Crazy 8 was started in August 2007. It features lower priced clothing and is Gymboree's direct competitor for The Children's Place and Old Navy.

In 2010, Bain Capital acquired the company.

In June 2017, Gymboree announced it was filing for Chapter 11 bankruptcy protection. As part of the debt management process, it said it would close 375 of its 1,300 stores.[5] In September 2017, the company emerged from bankruptcy.[6]

In November 2018, it was reported that Gymboree would file for bankruptcy for the second time in 14 months, and as a result Gymboree announced plans to discontinue the Crazy 8 brand and close all Crazy 8 stores after the holiday season.[7]

On January 17, 2019, Gymboree again filed for Chapter 11 bankruptcy protection, closing all Gymboree, Gymboree Outlet, and Crazy 8 stores as a result. The company plans to sell its Janie and Jack stores, online services, and intellectual property.[8]

Play & Music Centers[edit]

Gymboree Play & Music in London

In July 2016, The Gymboree Corporation sold the Gymboree Play & Music business to Zeavion Holding, a privately held company with a focus on the education and entertainment sectors. Gymboree Play & Music is now completely separate from the Gymboree Corporation and is operating parent-child play classes for ages 0–5. Play & Music operates in over 40 countries and has more than 733 centers internationally.[9] Gymboree Play and Music centers are not affected by the Gymboree stores closing.

Lawsuits[edit]

In November 2005, Gymboree settled a lawsuit relating to overtime compensation in Riverside, California for $2.3 million. The lawsuit alleged that Gymboree did not pay some mandatory overtime or provide required meal breaks.[10]

References[edit]

  1. ^ "Gymboree Corp" (PDF). Files.shareholder.com. Retrieved 2016-04-03.
  2. ^ "Gymboree - Financial Report - Annual Revenue - Stock". Privco.com. Retrieved 2 April 2016.
  3. ^ "2006 Form 10-K". Archived from the original on July 5, 2009. Retrieved December 21, 2007.
  4. ^ Newswires, Dow Jones. "Gymboree files for bankruptcy, will close 375 stores in chapter 11 restructuring – The Denver Post". Retrieved 2017-06-12.
  5. ^ Fu, Lisa. "Gymboree Will Close More Than 375 Stores After Filing for Bankruptcy". Fortune. Retrieved 2017-06-12.
  6. ^ "Gymboree emerges from bankruptcy". Chain Store Age. 2017-09-29. Retrieved 2018-12-06.
  7. ^ "Gymboree to close Crazy 8 stores and cut back namesake stores; names CEO". Chain Store Age. 2018-12-05. Retrieved 2018-12-06.
  8. ^ "SF-based Gymboree plans to shut down after second bankruptcy filing". San Francisco Chronicle. January 17, 2019.
  9. ^ "Gymboree Agrees To Sell Play & Music Business To ZEAVION". www.prnewswire.com (press release). Retrieved 3 January 2018.
  10. ^ "Gymboree settles overtime suit for $2.3M". San Francisco Business Times. 21 November 2005. Retrieved 3 April 2012.

External links[edit]