8-K

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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                                JANUARY 23, 2007
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                Date of Report (Date of earliest event reported)

                            THE GYMBOREE CORPORATION
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               (Exact Name of Registrant as Specified in Charter)

            Delaware                   000-21250                942615258
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  (State or Other Jurisdiction        (Commission             (IRS Employer
       of Incorporation)               File No.)           Identification No.)

       500 Howard Street, San Francisco, CA                      94105
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     (Address of principal executive offices)                  (Zip Code)

                                 (415) 278-7000
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              (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written communication pursuant to Rule 425 under the Securities
     Act (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange
     Act (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

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ITEM 8.01     OTHER EVENTS.

         On January 29, 2007, The Gymboree Corporation (the "Company") issued a
press release announcing the authorization of a share repurchase program. A copy
of the press release is filed as Exhibit 99.1 to this current report on Form
8-K.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS.

        (d)   EXHIBITS.

              Exhibit No.   Description
              -----------   ----------------------------------------------------
                 99.1       Press release of The Gymboree Corporation issued
                            January 29, 2007.



                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             THE GYMBOREE CORPORATION


Dated: January 29, 2007                      By:     /s/ BLAIR W. LAMBERT
                                                     ---------------------------
                                             Name:   Blair W. Lambert
                                             Title:  Chief Operating Officer and
                                                     Chief Financial Officer



                                  EXHIBIT INDEX

Exhibit No.   Description
- -----------   ------------------------------------------------------------------
99.1          Press release of The Gymboree Corporation issued January 29, 2007.

EX-99.1

                                                                    Exhibit 99.1

         THE GYMBOREE CORPORATION ANNOUNCES NEW SHARE REPURCHASE PROGRAM

    SAN FRANCISCO, Jan. 29 /PRNewswire-FirstCall/ -- The Gymboree Corporation
(Nasdaq: GYMB) announced that its Board of Directors has authorized the
Company to utilize $50 million of its cash reserves to purchase shares of the
Company's outstanding common stock under a share repurchase program.
Purchases under the share repurchase program will be made from time to time on
the open market or in privately negotiated transactions, consistent with the
Company's previously authorized plan.  Depending on market conditions and
other factors, purchases under this program may be commenced or suspended
without prior notice at any time, or from time to time, through February 2,
2008.  At current price levels, approximately 3% to 4% of the Company's
outstanding shares could be repurchased under this program.

    A previous share repurchase program, executed in calendar year 2006,
resulted in the repurchase of over 3.2 million shares for a total value of
$110 million.

    About The Gymboree Corporation

    The Gymboree Corporation's specialty retail brands offer unique,
high-quality products delivered with personalized customer service. As of
December 30, 2006, the Company operated a total of 720 stores:  580
Gymboree(R) retail stores (552 in the United States and 28 in Canada), 42
Gymboree Outlet stores, 81 Janie and Jack(R) retail shops and 17 Janeville(R)
stores in the United States. The Company also operates online stores at
http://www.gymboree.com and http://www.janieandjack.com , and offers directed
parent-child developmental play programs at 550 franchised and company-
operated centers in the United States and 28 other countries.

    Forward-Looking Statements

    The foregoing paragraphs contain forward-looking statements relating to
The Gymboree Corporation's share repurchase program. These are forward-looking
statements for purposes of the safe harbor provisions under the Private
Securities Litigation Reform Act of 1995. Actual results could vary materially
as a result of a number of factors, including the price of our stock and stock
market conditions as well as other factors which may affect our future
financial performance including customer reactions to new merchandise, service
levels and new concepts, success in meeting our delivery targets, the level of
our promotional activity, our gross margin achievement, our ability to
appropriately manage inventory, unanticipated costs actually incurred in
connection with the closure of the Janeville division, general economic
conditions, effects of future embargos from countries used to source product,
and competitive market conditions. Other factors that may cause actual results
to differ materially include those set forth in the reports that we file from
time to time with the Securities and Exchange Commission, including our annual
report on Form 10-K for the year-ended January 28, 2006. These forward-looking
statements reflect The Gymboree Corporation's expectations as of January 29,
2007.  The Gymboree Corporation undertakes no obligation to update the
information provided herein.

    NOTE:  Gymboree, Janie and Jack, and Janeville are registered trademarks
of The Gymboree Corporation.

SOURCE  The Gymboree Corporation
    -0-                             01/29/2007
    /CONTACT:  Investor Relations, Jeffrey P. Harris, +1-415-278-7933, or
investor_relations@gymboree.com, or Media Relations, Jamie Falkowski,
+1-415-278-7942, or media_relations@gymboree.com/
    /Web site:  http://www.gymboree.com /
    (GYMB)