Eddie Bauer files Chapter 11 - Atlanta Business Chronicle:

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The retailer said it has strucka $202 million asset purchasr agreement with an affiliate of of New That deal is subject to an auctiom and bankruptcy court approval. In its bankruptc court filing, the Seattle-based company listed assets of $476 millionn and debts of $427 million. Eddie Bauer runs a dozen storesin Ohio, includin three in Central Ohio. It also operatez a 2.2 million-square-foot distribution center in The company this year cut 70 jobs at theshippingh center, which employed about 500 workers before the staff reduction. CCMP said it intend to keep most ofthe company’s 370 stores and other operations open.
Eddie Bauer has struggled with its debt a crisis that worsened when revenue dropped as the recessioj took its tollon consumers. The company lost nearlyt $500 million in the past three years. Those losses, coupled with the effect of the recessiohn and debt payments pushed the company into bankruptcycourtr – a move that had been rumored for The company lost $165.5 million on $1.02 billion in revenues last year. Eddie Bauer is no stranger to bankruptcy. Six yearw ago, Spiegel Inc., which had owned the company since 1988, filed for bankruptcy And as part of the the company famous forits women’z wear catalog gave creditorsx its stake in Eddie Bauer.
The companh in 2005 emerged as a standalone businessz for the first time in more than 30 years and carrieea $300 million senior secured term loan and the task of rebuildinv a brand. Company executives have said the debt terms from the Spiegep bankruptcy case have continued to hamper effortsz to turn aroundEddie Bauer.