Gap just bought Janie and Jack! 🎉

The sale saved the brand from the Gymboree Group bankruptcy.

Gap just bought Janie and Jack! 🎉

Good news for Janie and Jack shoppers!

Gap Inc. just announced it has purchased Janie and Jack from Gymboree Group for approximately $35 million, saving the brand from closing down with the rest of the Gymboree and Crazy 8 stores.

Janie and Jack operates more than 100 stores nationwide and was formerly owned by Gymboree Group, along with the Gymboree stores and Crazy 8.

Back in January the Wall Street Journal reported all 900 of the Gymboree Group stores (including the Janie and Jack and Crazy 8 stores) would be closing as the company faced bankruptcy.

Now, it seems like all three brands will live on. According to USA Today, Gymboree and Crazy 8 have also been sold, to The Children's Place for $76 million.

As CNBC reports, The Children's Place is looking to appeal millennial moms, so Gymboree and Crazy 8's futures may not be in the malls as much as they are online.

This isn't the first time Gymboree has closed stores or faced bankruptcy. It filed for bankruptcy back in June of 2017. At the time it had 1,280 stores, and it closed some 375.

"The Gymboree acquisition provides us with the opportunity to revitalize the Gymboree brand across various channels," Jane Elfers, CEO of The Children's Place, said in a statement to CNN.

Update: March 6: If you've been sitting on a Janie and Jack gift card, you still can't use it (yet). On its website the company states: "Gift Cards, merchandise credit, and returns are still temporarily unavailable. We anticipate returning to our normal policies soon."

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[A version of this post was published Jan 16, 2019. It has been updated.]

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