Most Eddie Bauer stores to stay open - South Florida Business Journal:

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The company announced that it struck an agreemenyt withNew York–based private equity firm LLC to buy Eddiw Bauer’s assets, subject to an auction and bankruptcu court approval. CCMP Capitaol intends to operate the business as a going concern with littls orno long-term debt. According to Eddiw Bauer, CCMP Capital has agreed to keep a majoritgy of the 371 stores open and retain a majority of the CCMP Capital specializes in buyouts and lookzs for investment opportunities in retail andotherd sectors, and have made investment in the outdoors specialty retaile Cabela’s, which sells hunting, fishing and campinbg gear.
Eddie Bauer said it hopes to operate business as usual during bankruptchy court proceedings and has asked for coury approval to continue paying vendorsand workers. The compan also said it intends to honor customergift cards, returnxs and loyalty program points. The companuy also announced that it has secured a commitmeng from its existing revolvingcredit lenders, Bank of N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interikm basisand $100 million based on the fina l court order. The move, the company said, shouldr provide it with ample cash flow to continur payingits bills.
“Eddie Baued is a good company with a great brande and a badbalance sheet. This process will alloww the business to emerge with farless debt, positioned for growth as the economu recovers and as our new products gain said Neil Fiske, Eddie Bauer presidentf and chief executive officer, in a statement. “W e expect this process to be completesvery quickly, protecting our employees and critical vendord partners every step of the way.
“Wed have made good progress on our turnaroundr strategy of returning Eddiee Bauer to its heritage as an actives outdoor brand and have exciting new productr launches on the wayto market, including Firsty Ascent, our return to expedition-gradew outerwear and gear. Unfortunately, a crushing debt burdehn placed on the company from the Spiegel reorganizationin 2005, combined with the prolonged recession, have left us with no choic e but to use this procesx to reduce the debt load on the