Eddie Bauer seeking Chapter 11 bankruptcy protection
NEW YORK — Eddie Bauer Holdings Inc. is seeking Chapter 11 bankruptcy protection, the latest retail casualty of the recession.
The clothing retailer, which has a local outlet at 6521 Las Vegas Boulevard South in the Town Square shopping center, had $476.1 million in total assets and $426.7 million in total debt at the time of the filing Wednesday in the United States Bankruptcy Court of the District of Delaware.
The Wall Street Journal reported, citing anonymous sources, that the company is likely to be acquired by private-equity company CCMP Capital Advisors.
Bankruptcy rumors had been swirling as Bellevue, Wash.-based Eddie Bauer struggled with slumping sales amid the recession. It reported a loss for the first quarter of $44.5 million.
Eddie Bauer and CCMP did not immediately return calls for comment.