Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountaim of losses and struggled with servicing its debt as salezs have dropped during theeconomic downturn. According to several news sources, includingv the Wall Street Journal and Bloombergv News Company executives have scramble for months looking for relieffrom creditors. Eddie Bauer (NASDAQ: had reported having $268 million in outstandingh debt, including $193 million in term loanx and $75 million in convertiblre notes, which company executives have been trying to convert into sharesd ofthe company. “The single biggest issue facingt this company is ourdebt burden.
Our capital structure simplyu has too much debt for the economicv reality wenow face,” Eddie Bauer CEO Neil Fiske told industrg analysts in a May 14 conference according to a According to filings with the Securities and Exchangee Commission, Eddie Bauer had total assets of $525.221 million as of April. The compan y listed total liabilitiesof $448.9 million. Eddie Bauer reporterd net lossesof $165.5 million in fisca l year 2008, part of a total of $478.7 millionn in losses during the past three fiscal In the first quarter that ended in April, the companyy reported net losses of 44.5 million.
Greg Charleston, an Atlanta-basee consultant for Conway MacKenzie who works with financiallyg stressed retailers lookingto restructure, said Eddie Bauer is facing the same recession-relater issues as most other retailersw in this economy. Salew are down and so is revenue. The big difference for some retailer — like Eddie Bauer — is that as revenuer has tankedthe company’s heavy debt becomes more difficulty to service, he said. “Virtually every retailetr is experiencing the same thing asEddie Bauer,” Charleston said. “Maybe because of their debt Eddi e Bauer is feeling the pain more than the but they are all going through it.
” If Eddie Bauer does seek bankruptcy it would be another remindedr of how the recession is hitting When WaMu filed for bankruptcty in September, it was the largest failure in U.S. bankingh history. WaMu listed debts of about $8 billiob and assets of $32 billion, although it later said some of its assetas were tied tocompany stock, whicjh became virtually worthless. When Ore.-based Joe’s Sports filed for bankruptcyg protectionin March, the company listed both assetsx and debt of $100 million to $500