People walk by the children's clothing retailer Gymboree on June 13, 2017, in New York City. Getty Images/Spencer Platt

Children’s clothing company Gymboree Group Inc. may file for bankruptcy protection for a second time in two years this week, shuttering the majority of its 900 stores.

The company operates the Gymboree, Janie and Jack, and Crazy 8 kids clothing brands. Along with closing most of its retail locations, Gymboree Group is looking to sell off its well-performing Janie and Jack brand, which holds 139 locations, CNBC reported.

The bankruptcy protection may provide Gymboree Group time to find a suitable buyer for its brands, in particular, the high-end Janie and Jack brand that it is looking to offload, The Wall Street Journal reported. Gymboree Group has hired Stifel Financial Corp as its restructuring advisor and Miller Buckfire & Co. to search for a buyer for the three brands.

Gymboree Group filed for its first bankruptcy in June 2017. The company had more than $1 billion in debt at the time and a total of 1,280 stores. During the bankruptcy restructuring, Gymboree Group closed about 375 stores and eliminated $900 million in debt from the company, CNBC reported.

The company announced in December that it was initiating a “comprehensive review of strategic options” for the three clothing brands which could mean a sale or other transaction that would occur at the brand level.

Gymboree Group hired on Shaz Kahng as CEO in November and began a process of assessing its retail footprint with the intention of closing locations within its portfolio. At the time, Kahng said, “These strategic initiatives are an important next step as we continue to look for ways to unlock additional value in our brands.

“We are optimistic about our future as a more streamlined organization that can deliver enhanced, long-term value to its stakeholders.

“Our team remains focused on delivering the quality children’s clothing and accessories and exceptional service that our customers have come to expect from us.”