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

clarityviellegq67.blogspot.com
The company announced that it struck an agreemeng withNew York–based privater equity firm LLC to buy Eddie Bauer’sz assets, subject to an auction and bankruptct court approval. CCMP Capital intendsd to operate the business as a going concern with little orno long-term According to Eddie CCMP Capital has agreed to keep a majorityu of the 371 stores open and retai n a majority of the employees. CCMP Capital specializes in buyouts and looks for investment opportunities in retaill andother sectors, and have made investments in the outdoores specialty retailer Cabela’s, which sell s hunting, fishing and camping gear.
Eddir Bauer said it hopes to operate business as usualk during bankruptcy court proceedings and has asked for cour approval to continue paying vendors and The company also said it intends to honor customegift cards, returns and loyalty programn points. The company also announced that it has secured a commitment from its existing revolvingcrediyt lenders, Bank of America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 millionm on an interim basisand $100 millionb based on the finaol court order. The move, the company should provide it with ample cash flow to continuse payingits bills.
“Eddie Bauee is a good company with a greag brand and a badbalance sheet. This processd will allow the business to emergw with farless debt, positioned for growth as the econom y recovers and as our new productsz gain traction,” said Neil Eddie Bauer president and chief executive in a statement. “We expect this procesas to be completedvery quickly, protecting our employeee and critical vendor partners every step of the way.
“Wew have made good progress on our turnaround strateg y of returning Eddie Bauer to its heritage as an actived outdoor brand and have exciting new product launches on the way to includingFirst Ascent, our returnb to expedition-grade outerwear and gear. a crushing debt burden placed on the company from the Spiegeol reorganizationin 2005, combined with the prolonged recession, have left us with no choics but to use this process to reduce the debt load on the