Eddie Bauer files Chapter 11 - Atlanta Business Chronicle:

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The retailer said it has strucka $202 million asset purchase agreement with an affiliate of of New York. That deal is subjectr to an auction and bankruptc ycourt approval. In its bankruptcy courty filing, the Seattle-based company listedf assets of $476 million and debtxs of $427 million. Eddie Bauer (NASDAQ:EBHI) runs a dozen storees in Ohio, including three in Central Ohio. It also operatexs a 2.2 million-square-foot distribution center in Groveport. The company this year cut 70 jobs at theshipping center, which employed abouyt 500 workers before the staff reduction. CCMP said it intendsa to keep most ofthe company’s 370 stores and other operations open.
Eddiwe Bauer has struggled with itsdebt – a crisis that worsened when revenue dropped as the recession took its toll on The company lost nearly $500 million in the past thred years. Those losses, coupled with the effect of the recession and debt paymentsw pushed the company into bankruptcycourt – a move that had been rumored for months. The company lost $165.5 million on $1.02 billion in revenue last Eddie Bauer is no stranger to Sixyears ago, Spiegel Inc., which had owned the compan y since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’s wear catalog gave creditors its stake in Eddie Bauer.
The company in 2005 emergeed as a standalone business for the firstg time in more than 30 years and carrieda $300 milliojn senior secured term loan and the task of rebuilding a brand. Compant executives have said the debt termd from the Spiegel bankruptcy case have continued to hamper efforts to turn arounedEddie Bauer.