New York - The Children's Place has agreed to pay 76 million dollars for the rights to Gymboree and Crazy 8 brands, according to bankruptcy court documents.

The Children’s Place will also assume a contract with Zeavion Holding Co., which acquired Gymboree's Play & Music business in 2016, according to a bankruptcy court document filed Saturday which was cited by ‘USA Today’.

Gymboree filed for bankruptcy protection in January

It’s worth recalling that Gymboree filed for Chapter 11 bankruptcy in January, saying it would close about 800 Gymboree and Crazy 8 stores in the U.S. and Canada. Back then, the kidswear retailer said it sought to sell the Janie and Jack business and its Gymboree online platform.

The acquisition is still pending court approval.

The Children's Place has 988 stores in the U.S., Canada and Puerto Rico.

 

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