Time Out for Bauer
Outerwear and sportswear retailer Eddie Bauer filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Delaware on June 17. The Seattle-based chain, with 371 stores in the United States and Canada, said it hopes to emerge from bankruptcy in 60 days after selling itself to private equity firm CCMP Capital for $202 million or the highest bidder. The retailer said CCMP planned to keep open the majority of Eddie Bauer stores, maintain vendor relationships and payments, and keep the majority of the company’s 10,000 employees. Neil Fiske, the company’s chief executive and president, said the bankruptcy will allow the company to emerge with far less debt and move forward with its remerchandising plan of new products.
