Gap Approved to Buy Janie and Jack, Halting Store Liquidations

Judge overseeing the liquidation of retailer Gymboree Group approved the sale of the company’s Janie and Jack brand to Gap Inc. for about $35 million, saving the division from being shut down.

The last minute sale to Gap means Gymboree can halt some of the going-out-of-business sales it had begun, Evan Fleck, a bankruptcy attorney with the company, said in court March 4.

Although some of the 150 Janie and Jack stores will be taken over by Gap, more than 1,100 Gymboree and Crazy 8 stores will be shut down as planned.

The Gymboree and Crazy 8 names and other ...