Gap Inc. (NYSE: GPS), parent company for a variety of clothing brands, announced this afternoon it’s selling off its Janie and Jack brand, a chain consisting of approximately 115 physical stores plus an e-commerce website.
The brand, which sells higher-end clothes for kids, was acquired by Gap in March of 2019 for $35 million from bankrupt Gymboree Group. Janie and Jack was then seen as having “a clear path for growth ahead,” according to Gap’s CEO at the time, Art Peck.
Go Global Retail, which calls itself a “brand investment platform,” is acquiring Janie and Jack, though the purchase price hasn’t been announced at this stage. The closing is expected to occur on April 2, with the company’s founder, Jeff Streader, saying the plan is to expand Janie and Jack’s digital capabilities and accelerate online growth globally.