Gymboree Group Inc. is selling its brand to The Children's Place and its Janie and Jack clothing line to Gap Inc, reports USA Today.
Gymboree is selling its namesake Gymboree brand as well as the Crazy 8 brand to the Children’s Place for $76 million and assuming a contract with Zeavion Holding Co.
Gap Inc. is shelling out $35 million for the Janie and Jack children’s line and its online business and leases to its stores, as well as other assets.
"We are excited about the potential opportunity to acquire Janie and Jack – a leader in children’s specialty retail," Gap Inc. said in a statement sent to USA TODAY. "We believe this transaction will provide Gap Inc. with the opportunity to expand our customer base in a desirable category with a loyal brand following."