Retail

Gymboree Refreshes Brand On Amazon’s Prime Day

Gymboree

With Amazon rolling out Prime Day deals, Gymboree is revamping its digital presence along with a refreshed product and personality. The changes include updated websites along with an app with augmented reality (AR) functionality, CNBC reported.

“It’s really an all-new Gymboree, different in almost every single way,” Gymboree Group Chief Executive Daniel Griesemer told CNBC. “The product is completely re-engineered, redesigned … elevated quality, elevated aesthetic; the new mix-and-match capability — that hasn’t been part of the offering to date.”

The retailer is also offering sales at the time of Amazon Prime Day, with discounts up to 80 percent off on the websites of its three brands. As it stands, a quarter of the retailer’s sales come from its eCommerce websites. With the discounts, the retailer hopes to counter online rivals and meet a need to bring in shoppers with better deals.

The news comes a little more than a year after Gymboree announced that it had filed for Chapter 11 bankruptcy protection, according to reports at the time. In addition to this filing, the children’s clothing store was going to close approximately 450 locations in the hopes of reducing its debts by just over $900 million.

To help stay afloat during the Chapter 11 bankruptcy filing, Gymboree has secured $35 million from its current term loan lenders and an additional $273.5 million in DIP financing under asset-backed loan credit facilities. While the company undergoes this filing, its CFO, Andrew North, was to step down for an undisclosed period of time, and AlixPartners Director Liyuan Woo was to serve in the interim.

Gymboree CEO Daniel Griesemer commented on this news and how it will impact the business, saying, “the steps we are taking today allow the company to definitively address its debt and enable the management team to turn its full focus toward executing our key strategies, including our product, brand and omnichannel initiatives.”

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