On January 17, 2019, Gymboree, Inc. (“Gymboree Canada”), the Canadian operating entity of the Gymboree group of companies (the “Gymboree Group”), filed a Notice of Intention to Make a Proposal pursuant to subsection 50.4(1) of the Bankruptcy and Insolvency Act. KPMG Inc. acts as proposal trustee of Gymboree Canada.
The Gymboree Group operates a portfolio of specialty retail stores across Canada and the United States that sell children’s clothing and accessories. Gymboree Canada is winding down its operations under the supervision of the Ontario Superior Court of Justice (Commercial List) in a process that involves the liquidation of inventory and other assets at all of its 49 retail locations. Gymboree Canada’s non-Canadian affiliates commenced contemporaneous restructuring proceedings under Chapter 11 of the Bankruptcy Code and, on January 17, 2019, obtained approval from the U.S. Bankruptcy Court to liquidate more than 800 stores and to seek to sell part of their business through a stalking horse bid process.
KPMG Inc. is a subsidiary of KPMG LLP, a member of the KPMG global network of professional firms providing Audit, Tax and Advisory services.
Osler, Hoskin & Harcourt LLP represents KPMG Inc. with a team consisting of Michael De Lellis, Jeremy Dacks, and Sean Stidwill (Insolvency & Restructuring).