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Eddie Bauer seeks Chapter 11 bankruptcy protection

2009-06-17 19:50:33 (GMT) (Caymanmama.com - Business News)

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Detroit, Michigan (CaymanMama.com) — High-end clothing retailer Eddie Bauer Holdings Inc. is joining the likes of other chains like Circuit City, Linens ‘N Things, and Mervyns which have filed for bankruptcy protection as consumer spending continues to fall due to the recession.

Eddie Bauer filed on Wednesday for Chapter 11 bankruptcy court protection, and said that CCMP Capital Advisors LLC has bid for its assets. Other potential buyers may also submit bids while the struggling retailer is under court protection.

According to the AP, “The company said in its filing that it is seeking court protection because its financial position was creating uncertainty among vendors that supply its inventory and because its cash flow problems “could severely impede” its operations.”

Eddie Bauer previously considered doing a refinance of all or some of its debt, and also looked at a possible reorganization, sale or liquidation, in addition to continued operation on a modified business plan. The company know wants to be sold.

The outdoor-specific clothier assumed $476.1 million in assets and $426.7 million in debt at the time of the mid-week filing the U.S. Bankruptcy Court of the District of Delaware.



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