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Eddie Bauer Files For Chapter 11

(Filed Under Fashion News). Eddie Bauer Holdings, Inc., a retailer carrying men and women's casual branded apparel including swimwear and activewear, voluntarily filed for chapter 11 as of June 17th, and is pursuing a sale process under section 363 of the Bankruptcy code and under the Companies Creditors Arrangement Act (CCAA).

The company has entered into an asset purchase agreement with an affiliate of global private equity firm CCMP Capital Advisors, LLC to buy Eddie Bauer's assets for $202 million through a bankruptcy process, subject to an auction and bankruptcy court approval. The company expects to complete the sale in no more than 60 days. CCMP Capital has agreed to keep the majority of stores open and retain most employees, support company motions to maintain vendor relationships and payments and honor gift cards and the company's loyalty rewards program.

All of the company's 371 stores, catalog operations and websites remain in operation.

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Published 06-22-2009 by Amanda Torres Price

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