Gymboree is considering closing all Crazy 8 stores, cutting back the number of Gymboree stores significantly and selling brands.
The company was one of the few retailers that entered bankruptcy and was able to escape without liquidating. Several other companies like Bon-Ton, Sears and Toys “R” Us have filed for bankruptcy and closed thousands of stores as consumers continued to shift sales online.
This news organization first reported that Gymboree was considering cutting its namesake branded store count in half last week. The company closed a quarter of its stores after its 2017 bankruptcy filing.
The still struggling Gymboree is reviewing its brands, which could include a sale or other transactions at the brand level, according to a company statement. The company also intends to close the Crazy 8 stores and “significantly” reduce the Gymboree brand footprint.
“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 organization that can deliver enhanced, long-term value to its stakeholders,” said Shaz Kahng, Gymboree Group CEO.
There are Gymboree stores at The Greene Town Center, Kenwood Towne Centre, Cincinnati Premium Outlets and Deerfield Town Center. Crazy 8 has locations at the Mall at Fairfield Commons and Dayton Mall.
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