TO CLOSE

The 116th edition of the North American International Toy Fair focuses on the realities of lack of space on the shelves, now that one of the biggest retailer, Toys R Us, has disappeared from the landscape. (February 18)
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Children's clothing retailer Gymboree Group Inc. sells its brand to The Children & # 39; s Place and its Janie and Jack clothing line to Gap Inc.

The Children's Place will pay $ 76 million for trademark rights Gymboree and Crazy 8 and will assume a contract with Zeavion Holding Co., which acquired Gymboree's Play & Music business in 2016, according to a paper of the bankruptcy court filed Saturday. A rival of Gymboree, The Children's Place has 988 stores in the United States, Canada and Puerto Rico.

Gap Inc. will pay $ 35 million for Janie and Jack's high-end children's clothing line, online business, leases for stores, and other assets including customer data , according to the document filed in the US bankruptcy court in Richmond, Virginia.

Gymboree, headquartered in San Francisco, filed for Chapter 11 in January, saying it would close about 800 Gymboree and Crazy 8 stores in the United States and Canada. At that time, the retailer stated that it wanted to sell the Janie and Jack business and its Gymboree online platform.

The proposed transactions must be approved by the bankruptcy court.

"We are excited about the potential opportunity to acquire Janie and Jack – a leader in the specialty retail business for children," Gap Inc. said in a statement sent to the United States today. "We believe this transaction will provide Gap Inc. with the opportunity to expand its customer base into a desirable category, followed by a loyal brand."

The Children's Place did not immediately return the request for comment.

The transaction comes just three days after Gap Inc. announced its intention to turn Old Navy into a clean corporation and close about 230 stores, or half of its Gap stores, over the next two years.

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Follow the USA TODAY reporter, Mike Snider, on Twitter: @ MikeSnider.

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