The Gymboree Corporation announced that it has successfully completed its financial restructuring and emerged from Chapter 11 as a new corporation under the name Gymboree Group, Inc.. The Company’s court-confirmed Plan of Reorganization went into effect September 29, 2017. With the support of its creditors and stakeholders, Gymboree Group has substantially improved its financial position and established a sustainable capital structure by eliminating more than $900 million of debt from its balance sheet and right-sizing its store footprint.

Gymboree Group’s new competitive financial and operating structure will allow the Company to invest in and grow the business over the long term. 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,” said 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 Omni-channel initiatives. I want to thank our exceptional team at Gymboree Group for their dedication and continued focus throughout this process.

Looking ahead, our talented employees will continue to drive our success as we deliver for our customers and put them at the center of everything we do. 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. 

Additional information regarding Gymboree Group’s financial restructuring, including court filings and
information about the claims process, are available at https://cases.primeclerk.com/gymboree or by
calling Gymboree Group’s claims agent, Prime Clerk, at 844-822-9233 (or 646-486-7945 for international calls) or by sending an email to [email protected].