San Francisco — The Gymboree Corporation has successfully completed its financial restructuring and emerged from Chapter 11 as a new corporation under the name Gymboree Group, Inc., which has eliminated more than $900 million of debt from its balance sheet and is right-sizing its store footprint.
The company has received an $85 million new term loan from Goldman Sachs and access to a $200 million revolving credit facility from Bank of America Merrill Lynch and Citizens. Gymboree Group's pre-petition term loan lenders — including Searchlight, Apollo Global Management, Oppenheimerfunds, Brigade Capital Management, LP, Marblegate, Nomura Securities International and Tricadia Capital Management, LLC — are the company's new owners.
"Today marks a new beginning for Gymboree Group as we emerge as a stronger and more agile competitor in the children's apparel market," says Daniel Griesemer, president and CEO of Gymboree Group. "With the support of our new equity owners, this process has allowed us to secure the company's long term financial health, and we are excited about the opportunities ahead as we turn our full focus toward executing our strategic product, brand and omnichannel initiatives. We are also grateful for the support of our vendors and partners during this process, and we look forward to working together well into the future."
Kirkland & Ellis LLP is serving as the company's legal counsel, AlixPartners LLP is serving as its financial advisor, and Lazard is serving as its investment banker.
Gymboree Group, Inc. operates Gymboree®, Gymboree Outlet, Janie and Jack® and Crazy 8® retail stores in the United States, Canada and Puerto Rico as well as online stores at www.gymboree.com, www.janieandjack.com and www.crazy8.com. Gymboree, Janie and Jack, and Crazy 8 are registered trademarks of Gym-Mark, Inc., a wholly owned subsidiary of Gymboree Group, Inc. For more information, visit https://cases.primeclerk.com/gymboree.
SOURCE: Gymboree Group, Inc.