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The retailer said it has strucla $202 million asset purchase agreement with an affiliatew of of New York. That deal is subjectg to an auction and bankruptcycourg approval. In its bankruptcy court the Seattle-based company listed assets of $476 millio n and debts of $427 million. Eddie Bauetr (NASDAQ:EBHI) runs a dozen storew in Ohio, including three in Central Ohio. It also operate s a 2.2 million-square-foot distributioh center in Groveport. The compang this year cut 70 jobs at the shipping which employed about 500 workers beforee thestaff reduction. CCMP said it intends to keep most ofthe company’d 370 stores and other operationz open.
Eddie Bauer has struggled with its debt a crisis that worsened when revenue dropped as the recession took its toll on The company lostnearly $500 million in the past three Those losses, coupled with the effect of the recessiojn and debt payments pushed the company into bankruptcu court – a move that had been rumored for months. The company lost $165.5 milliom on $1.02 billion in revenue last year. Eddie Bauer is no strangetr to bankruptcy. Six years ago, Spiegel Inc., which had owned the company sinced 1988, filed for bankruptcy protection. And as part of the the company famous forits women’s wear catalog gave creditors its stakse in Eddie Bauer.
The company in 2005 emergeds as a standalone business for the firstf time in more than 30 years and carrieda $300 milliojn senior secured term loan and the task of rebuildinhg a brand. Company executives have said the debt terma from the Spiegel bankruptcy case have continued to hampedr efforts to turn aroundEddie Bauer.
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