Eddie Bauer In Chapter 11 : Incase You Did Not Hear Already

Hope they do not owe money to any members of the fashion industry network...

Eddie Bauer Holdings, Inc. yesterday announced that it has voluntarily initiated proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Delaware and under the Companies' Creditors Arrangement Act (CCAA) in Canada in the Ontario Superior Court of Justice (Commercial List), and is pursuing a sale process under Section 363 of the Bankruptcy Code and under the CCAA.

The Company has entered into an asset purchase agreement with an affiliate of CCMP Capital Advisors, LLC ("CCMP Capital") to buy the Company's assets through a bankruptcy process, subject to an auction and Bankruptcy Court approval, for $202 million in cash, with working capital and similar adjustments. CCMP Capital, a global private equity firm with significant experience in the retail and consumer sectors, intends to operate the business as a going concern with little or no long-term debt.

According to the press release they issued 6/17/09, "All of the Company's operations, including its 371 stores, catalog operations and its online sites (www.eddiebauer.com and www.firstascent.com) are open and serving customers. The Company plans to conduct business as usual through the process and has asked for court approval to continue paying product vendors and employees as usual. The Company intends to honor customer gift cards, returns and loyalty program points. "

Hopefully they will come out of Chapter 11 soon... Still a good product and good brand...