According to a bankruptcy document filed Saturday, Gymboree is splitting its assets between The Children's Place and Gap, which is headquartered in San Francisco.
The Children's Place will acquire the Gymboree and Crazy 8 brands, as well as Gymboree's Play & Music studios.
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Gap is getting Gymboree's high end Janie and Jack stores, along with Janie and Jack's online business and store leases.
Gymboree filed for Chapter 11 bankruptcy in January.
The deals still have to be approved by a federal bankruptcy judge.