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Eddie Bauer Goes Bankrupt

Formal announcement expected today

By Ambreen Ali,  Newser User

Posted Jun 17, 2009 1:36 PM CDT

(Newser) – Eddie Bauer filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The clothing retailer lost $44.5 million in the first quarter and has $187.9 million in long-term debt. Shares plummeted on rumors of the bankruptcy after it failed to convert part of that debt into equity and avoid penalties. There's already a prospective buyer, CCMP Capital Advisors, but another company may outbid it during proceedings.

Eddie Bauer has nearly $200 million in long-term debt.
Eddie Bauer has nearly $200 million in long-term debt.   (Getty Images)
The store branched from outdoor gear to women's clothing.
The store branched from outdoor gear to women's clothing.   (Getty Images)
CCMP Capital Advisors, which may buy Eddie Bauer, has $9.5 billion under management and owns other retailers liked Quiznos and Vitamin Shoppe.
CCMP Capital Advisors, which may buy Eddie Bauer, has $9.5 billion under management and owns other retailers liked Quiznos and Vitamin Shoppe.   (Getty Images)
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COMMENTS
Showing 3 of 6 comments
rtl
Jun 18, 2009 3:37 AM CDT
We had eight years of bush/cheney so suck it up and deal. We'll see if we're better or worse after Obama. We KNOW we're definitely worse after Bush.
ClingingToHope
Jun 17, 2009 7:21 AM CDT
I have no disposable income because the interloper without a birth certificate is going to take everything I own. Thank god for liberals.
bacimom
Jun 17, 2009 6:44 AM CDT
I have no disposable income. It's almost impossible to find an EB store, they closed most of them a few years ago. My buying is done on-line. I live in mainly EB clothing. The men's classic jeans are the only jeans on earth that fit me. Most of my sweaters came from EB sales. Since the old Banana Republic was sold to The Gap/Old Navy years ago EB was my only outlet for non-trendy, well made, comfortable clothing. I'm still wearing 20 year old EB clothes that still look classic and in good shape. Don't talk about what you know nothing of.

CCMP would keep stores up
Bloomberg

It had $285m offer in 2007
Associated Press

 
retail • bankruptcy • clothing • retail businesses • Eddie Bauer

 
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