Gymboree To File Bankruptcy, Close Warrington Store: Reports
By Kara Seymour, Patch National Staff
Gymboree is filing for bankruptcy and is expected to close all stores, including its Warrington location, reports say.
WARRINGTON, PA — Childrens' clothing retailer Gymboree is filing for bankruptcy for a second time in two years and will close its remaining 900 stores, according to media reports. That includes its store in at The Shops at Valley Square in Warrington.
Its store at the Penns Purchase outlets near Peddler's Village closed in 2017. Gymboree also has a store at the Oxford Valley Mall, which is expected to close due to the bankruptcy, reports state.
Gymboree operates stores under three banners — Gymboree, Janie and Jack, and Crazy 8. Selling off the businesses at the brand level could spare the high-end Janie and Jack brand from liquidation, according to the Wall Street Journal.
The Wall Street Journal cited sources familiar with Gymboree's plan to sell the operation and said it is expected to liquidate is remaining 900 stores. Selling off the businesses at the brand level could spare the high-end Janie and Jack brand from liquidation, according to the report.
The company first filed for bankruptcy in July 2017 and closed 350 stores. At the time, President and CEO Daniel Griesemer said in a statement that closing those stores would allow the company to "continue to deliver quality merchandise and superior service to our customers."
Closing those stores allowed Gymboree "greater financial flexibility" as it shed $900 million in debt, Griesemer said.
Like many brick-and-mortar stores, Gymboree has struggled to remain afloat against increased online competition.