Gymboree is being revived in early 2020
(CNN) -- Gymboree is being revived just several months after it went bankrupt.
Former rival retailer The Children's Place announced Tuesday that it's bringing back Gymboree as a website and as "shop-in-shop" locations at more than 200 of its stores early next year. The company promises that the revitalized brand will return to its "classic roots of playful, bow-to-toe offerings that celebrate childhood."
Children's Place spent $76 million acquiring the failed brand in March following its bankruptcy. Gap spent $35 million buying Gymboree's more upscale Janie and Jack brand, which still exists as an online store.
Gymboree's reboot will be more digitally focused than its predecessor. There will be a new app, free shipping and the ability to order from both stores within the same shopping cart. It will also have a new loyalty program.
Gymboree filed for bankruptcy in January 2019 for the second time in two years, citing unexpectedly difficult conditions in the brick-and-mortar retail industry. That resulted in the closure of more than 800 stores. It first filed for bankruptcy in June 2017, but emerged fairly quickly.
The reboot faces stiff competition from online retailers and even Target. The latter is having success with its private label line for kids, called Cat & Jack. Since its 2016 launch, the brand has reached $2 billion in sales in a little more than a year.
Children's Place shares jumped nearly 3% on the news. But the stock is down 14% for the year.