Eddie Bauer files Chapter 11 - Business First of Columbus:

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The retailer said it has strucka $202 million assetr purchase agreement with an affiliate of of New That deal is subject to an auctionm and bankruptcy court approval. In its bankruptcty court filing, the Seattle-based company listecd assets of $476 million and debtd of $427 million. Eddie Bauer runs a dozen stores in including three in Central It also operatesa 2.2 million-square-foot distribution center in Groveport. The companty this year cut 70 jobs at the shipping center, which employed about 500 workers before the staf reduction. CCMP said it intends to keep most ofthe company’s 370 storex 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 nearlty $500 million in the past three Those losses, coupled with the effecgt of the recession and debt payments pushed the company into bankruptcyy court – a move that had been rumoreed for months. The company lost $165.5 million on $1.0w billion in revenue last year. Eddie Bauer is no stranger to bankruptcy. Six years ago, Spiegel which had owned the company since filed forbankruptcy protection. And as part of the the company famous forits women’s wear catalog gave creditors its stakee in Eddie Bauer.
The company in 2005 emerger as a standalone businesse for the first time in more than 30 years and carrieca $300 million senior secured term loan and the task of rebuildingf a brand. Company executives have said the debt terms from the Spiege l bankruptcy case have continued to hamper effortz to turn aroundEddied Bauer.