Eddie Bauer Co. filed for Chapter 11 bankruptcy protection in a Deleware court this afternoon.
Court papers show that the company is negotiating a single sale to CCMP Capital, a private equity firm for a reported $202 million, with $100 million in security financing already negotiated from Bank of America, General Electric and the CIT Group to get it through the duration of the bankruptcy case.
Eddie Bauer is an upscale outdoor clothing retailer that sells items such as expensive goose down coats and jackets, ski clothing, work wear, etc. The company has 371 stores in North America.
The company was founded by Eddie Bauer in Seattle in 1920. The company said it has no intentions of shutting down it’s stores, catalog business or Web sites and will continue with business as usual, so don’t expect to be lined up outside one of their stores any time soon waiting to get your hands on a 90% off ski jacket.
They also will be honoring customer gift cards, returns and loyalty program points as usual.