"The operator of roughly 180 Eddie Bauer stores across the U.S. and Canada has filed for Chapter 11 bankruptcy protection, blaming declining sales and a litany of other industry headwinds. The bankruptcy filing marks the third time in a little over two decades for the storied-but-now-tired brand that began as a Seattle fishing shop, later outfitted the first American to climb Mount Everest and made thousands of newfangled down jackets and sleeping bags for the military during World War II."
"Eddie Bauer LLC said Monday it had entered into a restructuring pact with its secured lenders as it made the filing in the U.S. Bankruptcy Court for the District of New Jersey. Most Eddie Bauer retail and outlet stores in the U.S. and Canada will remain open as the company winds down certain locations. It noted that it will conduct a court-supervised sales process, and if a sale can't be executed, it will begin a wind-down of its U.S. and Canadian operations."
Eddie Bauer LLC, operator of about 180 U.S. and Canadian stores, filed for Chapter 11 protection citing declining sales and industry headwinds. The company entered a restructuring pact with its secured lenders and will pursue a court-supervised sales process; if a sale cannot be executed, a wind-down of U.S. and Canadian operations will begin. Most retail and outlet locations will remain open while certain stores are wound down. Catalyst Brands, which holds the U.S./Canada license, aims to optimize stakeholder value and preserve liquidity. Authentic Brands Group continues to own Eddie Bauer intellectual property and may relicense the brand. E-commerce and wholesale operations run by Outdoor 5, LLC are not affected.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]