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

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The company announced that it struck an agreement withNew York–basee private equity firm LLC to buy Eddiwe Bauer’s assets, subject to an auctiom and bankruptcy court approval. CCMP Capital intend s to operate the business as a going concernn with little orno long-term debt. Accordingt to Eddie Bauer, CCMP Capital has agreed to keep a majority of the 371 stores open and retaihn a majority of the CCMP Capital specializes in buyoutw and looks for investment opportunities in retaill andother sectors, and have made investments in the outdoors specialty retailerf Cabela’s, which sells hunting, fishingg and camping gear.
Eddiee Bauer said it hopes to operat e business as usual during bankruptcy courg proceedings and has asked for courty approval to continue paying vendorxsand workers. The company also said it intends to honot customergift cards, returns and loyaltg program points. The company also announced that it has secure d a commitment from its existinb revolvingcredit lenders, Bank of America, N.A., and /Businesz Credit, Inc. for so-called debtor-in-possession (DIP) financint of $90 million on an interim basisand $100 millionb based on the finalk court order. The move, the company said, should provide it with ample cash flow to continuwe payingits bills.
“Eddie Bauer is a good company with a greay brand and a badbalancwe sheet. This process will allow the businesws to emerge with far less positioned for growth as the economy recoveres and as our new productsgain traction,” said Neil Eddie Bauer president and chief executives officer, in a statement. “We expect this process to be completerdvery quickly, protecting our employeezs and critical vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauer to its heritag e as an active outdoor brand and have excitinfg new product launches on the way to includingFirst Ascent, our return to expedition-gradd outerwear and gear. Unfortunately, a crushing debt burden placed on the company from the Spiegel reorganizationin 2005, combined with the prolonged recession, have left us with no choice but to use this processx to reduce the debt load on the business.
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