Gymboree has also received commitments for up to US$89m in DIP financing to carry it through a prospective restructuring process that will involve selling its Janie and Jack-branded stores and closing a significant amount of the 900 Gymboree and Crazy 8-branded shops, sources said. The DIP package comprises US$30m in new money from Goldman Sachs' affiliate Special Situations Investing Group (SSIG) and Goldman Sachs Specialty Lending Holdings. The rest of the DIP financing is a roll up of Gymboree's obligations under its pre-petition term loan agreement. SSIG will also act as a stalking horse bidder for the sale of Janie and Jack stores with an US$85m credit bid. Gymboree declined to comment further on the financing terms. PRIVATE EQUITY CURSE Private investor Bain Capital bought Gymboree in 2010 backed by US$1.8bn of leveraged loans and left the retailer with more than US$1bn in obligations, according to LPC data.