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

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The Seattle company announced that it struck an agreement withNew York–based private equity firm LLC to buy Eddide Bauer’s assets, subject to an auction and bankruptcy courg approval. It has stores at Chandlefr Fashion Center, Arizona Mills mall in the new SanTan Village Mall in ScottsdaleFashion Square. CCMP Capital intende to operate the business as a going concern with littlew orno long-term debt. Accordingf to Eddie Bauer, CCMP Capital has agreed to keep a majority of the 371 storex open and retain a majority ofthe employees.
CCMP Capital specializes in buyouts and looks for investment opportunitiesz in retail and other and has made investments in the outdoors specialtyretailed Cabela’s, which sells hunting, fishing and camping gear. Its portfoliko also includes stakes in Quiznos AMC Entertainment andAramark Corp. Eddie Baued said it hopes to operatee business as usual during bankruptcy court proceedinga and has asked for court approval to continue paying vendors and The company also said it intends to honor customergift cards, returns and loyalth program points. The company also announced that it has secured a commitmenyt from its existing revolvingcredit lenders, Bank of N.A.
, and /Business Credit, Inc. for so-called debtor-in-possession financint of $90 million on an interim basisand $100 millionj based on the final couryt order. The move, the company should provide it with ample cash flow to continue payinfgits bills. “Eddie Bauer is a good company with a greatf brand and a bad balance This process will allows the business to emerge with far less positioned for growth as the economy recovers and as our new productxsgain traction,” said Neil Fiske, Eddie Baueer president and chief executive officer, in a “We expect this process to be completexd very quickly, protecting our employees and critical vendotr partners every step of the way.
“We have made good progressd on our turnaround strategy of returning Eddie Bauer to its heritagee as an active outdoo brand and have exciting new product launchess on the wayto market, including First Ascent, our return to expedition-grade outerwear and Unfortunately, a crushing debt burden placed on the compang from the Spiegel reorganization in combined with the severe, prolonged have left us with no choice but to use this processw to reduce the debt load on the