Children’s retailer Gymboree Group Inc. is shopping for a bankruptcy loan as it prepares for a second chapter 11 filing in less than two years, the Wall Street Journal reported. The bankruptcy filing, which could come as soon as early January, would allow the struggling children’s apparel retailer to close most of its stores. However, 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. In chapter 11, Gymboree would likely close a majority of its 900 stores, but the retailer has earmarked more than 100 stores — namely its well-performing Janie & Jack outlets — to put up for sale. The negotiations remain fluid and may not result in a bankruptcy filing, according to sources. Gymboree has hired Stifel Financial Corp.’s restructuring advisory arm, Miller Buckfire & Co., which is searching for a buyer for the subset of stores.
