known for outdoorsy clothing but serving a distinctly more domestic clientele of students and other mall patrons, the company said Wednesday that a bidder has agreed to keep the majority of its 371 stores open and honor its gift cards and hold onto most employees.
The company said CCMP Capital Advisors LLC has bid $202 million in cash for its assets. Other buyers may also make bids while the company is under court protection.
Bankruptcy rumors had been swirling as Bellevue, Washington-based Eddie Bauer struggled with slumping sales amid the recession. It reported a loss for the first quarter of $44.5 million as sales fell 16 percent to $179.8 million.
It had $476.1 million in assets and $426.7 million in debt at the time of the filing Wednesday with the U.S. Bankruptcy Court of the District of Delaware.
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