Gymboree Reportedly Hires Goldman To Find Buyer

Shares of Gymboree (NASDAQ:GYMB) jumped more than 3% Tuesday morning after a new report indicated the children’s clothing chain has hired Goldman Sachs to begin an auction of the company. According to the New York Post , Gymboree retained the investment bank last month to conduct a formal auction and big-name buyout firms are lining up for the sale, which could reach $1 billion. Last week Gymboree’s shares surged after The Wall Street Journal reported Gymboree is weighing a possible sale and had begun to put out feelers for potential buyers.