Gap Acquisition Of Janie And Jack Of Precious Baby Is $35 Million.

According to Gap group's latest statement, it reached an agreement with Gymboree on Friday and will buy high-end brand Janie and Jack for $35 million.

In addition to the brand and inventory of Janie and Jack, Gap group will also buy the brand store and intellectual property related to golden baby.

In January this year, golden baby filed for bankruptcy protection. It was the second time in two years to submit the Chapter 11 document to the bankruptcy court of Eastern Virginia. Meanwhile, Canadian subsidiary Gymboree and Inc. also applied for bankruptcy protection to the high court of Ontario.

According to the golden baby Chapter 11 document, the company has an assets of 1-5 billion dollars and liabilities of 50 million -1 billion dollars. In the restructuring of 2017, the company has closed 375 stores and reduced the debt of about 900 million dollars.

According to relevant media reports, golden baby currently operates more than 900 stores, including Janie and Jack's 102 stores and 45 factory stores.

Just a few days ago, Gap group announced that its Old Navy brand would be split into an independent listed company. The remaining Gap brands, Banana Republic and Athleta belong to another unnamed company.