Eddie Bauer Files for Bankruptcy

Since 1920...and now another one bites the dust. Hopefully they pull out...but I dont know I think that WalMart and Target will finally have the upper hand here.
Sad...

Eddie Bauer, the outdoor-clothing chain that sold goose-down coats to Mount Everest mountaineers and college students alike, filed for Chapter 11 bankruptcy protection on Wednesday and said it planned to sell itself for $202 million to CCMP Capital Advisors, a private equity firm....

.....“We’re not looking to liquidate the company or close most of the stores,” said Jonathan Lynch, a CCMP managing director. “We’re trying to help 8,000 employees save an iconic American brand.”

www.nytimes.com...

Eddie Bauer, which has 371 stores says its shops, catalog business and Web sites would continue to operate while it is in bankruptcy...

Edit to add that another article says they will still honor store issued gift cards. news.yahoo.com...

[edit on 18-6-2009 by burntheships]