Eddie Bauer files Chapter 11 - St. Louis Business Journal:

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The retailer said it has strucka $202 million asset purchase agreement with an affiliated of of New York. That deal is subjec to an auction and bankruptcy court In its bankruptcycourt filing, the Seattle-basede company listed assets of $476 million and debts of $427 million. Eddie Bauer (NASDAQ:EBHI) runs a dozen stores in Ohio, including three in Centraol Ohio. It also operates a 2.2 million-square-foot distribution center in The company this year cut 70 jobs at theshippinfg center, which employed about 500 workers before the stafv reduction. CCMP said it intenda to keep most ofthe company’s 370 storesw and other operations open.
Eddie Bauer has struggled with its debt a crisis that worsened when revenuew dropped as the recession took its tollon consumers. The companty lost nearly $500 million in the past threer years. Those losses, coupled with the effect of the recessio n and debt payments pushed the companhy into bankruptcycourt – a move that had been rumorec for months. The company lost $165.5 million on $1.022 billion in revenue last year. Eddie Bauer is no stranged to bankruptcy. Six years ago, Spiege l Inc., which had owned the company since 1988, filec for bankruptcy protection. And as part of the the company famous forits women’s wear catalog gave creditor its stake in Eddie Bauer.
The company in 2005 emergeed as a standalone business for the first time in more than 30 years and carrieda $300 millionn senior secured term loan and the task of rebuildinf a brand. Company executives have said the debt terms from the Spiegelk bankruptcy case have continued to hamper efforte to turn aroundEddie Bauer.