Retail operator of outdoor sportswear pioneer Eddie Bauer files for bankruptcy

"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."

""This is not an easy decision," said Marc Rosen, CEO of Catalyst Brands, which maintains the license to operate Eddie Bauer stores in the U.S. and Canada. "However, this restructuring is the best way to optimize value for the retail company's stakeholders and also ensure Catalyst Brands remains profitable and with strong liquidity and cash flow." Most Eddie Bauer retail and outlet stores in the U.S. and Canada will remain open as the company winds down certain locations."

Operator of about 180 Eddie Bauer stores in the U.S. and Canada filed for Chapter 11, citing declining sales and industry headwinds. The filing is the third in just over two decades for the brand that began as a Seattle fishing shop and supplied Everest climbers and military down jackets in World War II. Eddie Bauer LLC entered a restructuring agreement with secured lenders in U.S. Bankruptcy Court. Most U.S. and Canadian retail and outlet stores will stay open while some locations are wound down. The company will pursue a court-supervised sale and, if unsuccessful, will wind down U.S. and Canadian operations. Stores outside North America are excluded. Authentic Brands Group keeps the brand intellectual property, and e-commerce and wholesale run by Outdoor 5, LLC are unaffected.

Read at ABC7 Los Angeles