The Wall Street Journal reported that retailer Gymboree Group Inc. is shopping for a bankruptcy loan as it prepares for a second Chapter 11 filing in less than two years, according to people familiar with the situation.
According to the WSJ report, the company is seeking a bankruptcy loan that would give it the opportunity to keep some of its stores open while it searches for a buyer, and Gymboree would likely close a majority of its 900 stores. The company is hoping to keep more than 100 stores - its Janie & Jack outlets - to put up for sale.
Read the full WSJ report here (subscription required).