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BREAKING NEWS

The Children's Place, Gap to buy Gymboree Group assets - court

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CHICAGO (Reuters) - The Children's Place Inc. plans to buy $76 million (£57.5 million) in assets from children's clothing retailer Gymboree Group Inc. while The Gap Inc. is buying assets including Gymboree's Janie and Jackie chain for $35 million, bankruptcy court documents showed.

Gymboree Group filed for bankruptcy in January in the U.S. Bankruptcy Court for the Eastern District of Virginia, which announced the results of the bankruptcy auction to sell assets in documents on Saturday.

San Francisco-based Gymboree Group had also filed for bankruptcy in June 2017, as brick and mortar retailers struggle to compete with e-commerce vendors.

The sales are subject to court approval and a hearing is scheduled to begin March 4, the court said.

(Reporting by Caroline Stauffer; Editing by Daniel Wallis)

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