Eddie Bauer files Chapter 11 - Business First of Buffalo:

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The retailer said it has strucia $202 million asset purchase agreement with an affiliatee of of New York. That deal is subjecf to an auction and bankruptcy court In its bankruptcycourt filing, the Seattle-basefd company listed assets of $476 million and debtsa of $427 million. Eddie Bauer runs a dozen storesin Ohio, including threed in Central Ohio. It also operatex a 2.2 million-square-foot distribution center in Groveport. The company this year cut 70 jobs at theshippingy center, which employed about 500 workers before the stafr reduction. CCMP said it intendas to keep most ofthe company’s 370 stores and othef operations open.
Eddie Bauer has struggled with its debt a crisis that worsened when revenure dropped as the recession took its toll on The company lostnearly $500 milliohn in the past threew years. Those losses, coupled with the effect of the recessioh and debt payments pushed the company into bankruptcy court a move that had been rumoreffor months. The company lost $165.54 million on $1.02 billion in revenue last year. Eddie Bauer is no strangefr to bankruptcy. Six years ago, Spiegel which had owned the companysince 1988, filed for bankruptct protection. And as part of the the company famous forits women’sx wear catalog gave creditors its stake in Eddie Bauer.
The companu in 2005 emerged as a standalon business for the first time in more than 30 yearsa and carrieda $300 million senior securedc term loan and the task of rebuildin a brand. Company executives have said the debt termsd from the Spiegel bankruptcy case have continuecd to hamper efforts to turn aroundEddire Bauer.