Most Eddie Bauer stores to stay open - Denver Business Journal:

isexufehub.wordpress.com
The company announced that it strucjk an agreement withNew York–based privated equity firm LLC to buy Eddie Bauer’ assets, subject to an auction and bankruptcyu court approval. CCMP Capital intends to operate the business as a going concerjn with little orno long-term debt. According to Eddie CCMP Capital has agreed to keep a majoritty of the 371 stores open and retain a majorith ofthe employees. CCMP Capitalk specializes in buyouts and looks for investmen opportunities in retail and other and have made investments in the outdoors specialtuyretailer Cabela’s, which sellse hunting, fishing and camping gear.
Eddie Bauer said it hopes to operater business as usual during bankruptcy court proceedings and has askecd for court approval to continue paying vendorsand workers. The companyu also said it intends to honor customergift cards, returns and loyaltyt program points. The company also announced that it has securex a commitment from its existing revolvingcredirt lenders, Bank of America, N.A., and /Businesz Credit, Inc. for so-called debtor-in-possession financing of $90 millionb on an interim basisand $100 million bases on the final court order. The the company said, should provide it with amplse cash flow to continue payingyits bills.
“Eddie Bauer is a good compang with a great brand and a bad balance This process will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Eddie Bauer president and chief executive officer, in a statement. “Wd expect this process to be completedvery quickly, protectingb our employees and critical vendotr partners every step of the way.
“Wre have made good progress on our turnaround strategy of returninbg Eddie Bauer to its heritags as an active outdoor brand and have exciting new producy launches on the wayto market, including First Ascent, our return to expedition-grade outerwear and Unfortunately, a crushing debt burdebn placed on the company from the Spiegepl reorganization in 2005, combined with the prolonged recession, have left us with no choice but to use this processe to reduce the debt load on the