Most Eddie Bauer stores to stay open - The Business Journal of Milwaukee:

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The company announced that it strucm an agreement withNew York–based privat e equity firm LLC to buy Eddire Bauer’s assets, subject to an auction and bankruptcuy court approval. CCMP Capital intends to operate the businessa as a going concern with little orno long-term According to Eddie Bauer, CCMP Capital has agreed to keep a majority of the 371 stores open and retain a majority of the employees. CCMP Capital specializes in buyouts and looksx for investment opportunities in retail andother sectors, and have made investmentsd in the outdoors specialty retailer Cabela’s, which sells fishing and camping gear.
Eddi e Bauer said it hopes to operate business as usualo during bankruptcy court proceedinge and has asked for court approval to continuer paying vendorsand workers. The company also said it intendws to honor customergift cards, returns and loyalty program The company also announcexd that it has secured a commitmenr from its existing revolving credit lenders, Bank of America, and /Business Credit, Inc. for so-called debtor-in-possessiobn (DIP) financing of $90 million on an interim basiszand $100 million based on the fina l court order. The the company said, should provide it with ample cash flow to continus payingits bills.
“Eddie Bauer is a good companhy with a great brand and a badbalancew sheet. This process will allow the businessx to emerge with farless debt, positionec for growth as the economy recovers and as our new producte gain traction,” said Neil Fiske, Eddise Bauer president and chief executive officer, in a “We expect this processz to be completed very quickly, protectin our employees and critical vendor partners every step of the way.
“Wd have made good progresas on our turnaround strategy of returning Eddise Bauer to its heritage as an active outdoor brand and have exciting new product launches on the wayto market, includiny First Ascent, our return to expedition-gradwe outerwear and gear. Unfortunately, a crushing debt burden placeed on the company from the Spiegel reorganizatiojnin 2005, combined with the severe, prolonged have left us with no choice but to use this procesx to reduce the debt load on the