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Gymboree is seeking a bankruptcy loan to keep some of its stores open while it looks for a buyer, according The Wall Street Journal.
People familiar with the matter told the Journal the children's retailer is preparing to file for Chapter 11 bankruptcy for the second time in under two years. If Gymboree does file for Chapter 11, it would likely close the majority of its 900 stores, the Journal reported.
Gymboree had been looking like the rare retailer that was able to re-emerge from bankruptcy. But the company announced earlier this month that it would begin reviewing its strategic options, including the sale of its Gymboree, Janie and Jack and Crazy 8 brands. It also said it would significantly reduce the number of Gymboree stores and close all Crazy 8 locations.
The retailer has hired Miller Buckfire & Co., which advises on matters of corporate restructuring, to explore the sale of more than 100 of its stores, sources told the newspaper.
The San Francisco-based company last filed for bankruptcy in June 2017, struggling to bear the burden of more than $1 billion of debt from its 2010 leveraged buyout. It closed more than 360 stores and emerged from bankruptcy after three months.