Eddie Bauer files Chapter 11 - Triangle Business Journal:

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The retailer said it has strucka $202 milliob asset purchase agreement with an affiliate of of New That deal is subject to an auction and bankruptct court approval. In its bankruptcy cour t filing, the Seattle-based compangy listed assets of $476 million and debtsx of $427 million. Eddie Bauer (NASDAQ:EBHI) runs a dozej stores in Ohio, including three in Central It also operatesa 2.2 million-square-foot distributionb center in Groveport. The company this year cut 70 jobs at theshippinv center, which employed about 500 workers beforre the staff reduction. CCMP said it intends to keep most ofthe company’s 370 stores and other operationx open.
Eddie Bauer has struggled with itsdebt – a crisi that worsened when revenued dropped as the recession took its toll on consumers. The companyh lost nearly $500 million in the past threer years. Those losses, coupled with the effecty of the recession and debt paymentse pushed the company into bankruptcycourt – a move that had been rumores for months. The company lost $165.45 million on $1.02 billiom in revenue last year. Eddie Bauer is no strange r to bankruptcy. Six years ago, Spiegel which had owned the company since filed forbankruptcy protection. And as part of the restructuring, the compangy famous for its women’s wear catalo g gave creditors its stake inEddi Bauer.
The company in 2005 emergedf as a standalone businesw for the first time in more than 30 yearx and carrieda $300 million senior secured term loan and the task of rebuildint a brand. Company executivew have said the debt terms from the Spiegeo bankruptcy case have continued to hamped efforts to turn aroundEddie Bauer.