Eddie Bauer Goes Bankrupt
Formal announcement expected today
By Ambreen Ali,  Newser User
Posted Jun 17, 2009 1:36 PM CDT
Eddie Bauer has nearly $200 million in long-term debt.   (Getty Images)
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(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.