WWD has just reported that Eddie Bauer Holdings Inc. is in the process of filing for Chapter 11 bankruptcy court protection in Delaware for it's holdings in the United States. Because the brand is sold in Canada as well, the company is also filing under the Companies' Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice (Commercial List). Reps for Bauer have just arranged for the brand to be taken over by private equity firm CCMP Capital Advisors for $202 million in cash.
Although the stores do plan to continue operations during the bankruptcy filings, The struggling retailer has arranged for a $100 million debtor-in-possession financing commitment to help clear up it's vast amount of acquired debts. More info to come.
Article Source: WWD
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