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

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The company announced that it struck an agreementt withNew York–based private equity firm LLC to buy Eddide Bauer’s assets, subject to an auction and bankruptcyh court approval. CCMP Capital intends to operate the business as a going concerj with little orno long-term According to Eddie Bauer, CCMP Capital has agreed to keep a majorit of the 371 storeas open and retain a majority of the CCMP Capital specializes in buyout and looks for investment opportunities in retail and other sectors, and have made investmenta in the outdoors specialty retailer which sells hunting, fishingf and camping gear.
Eddie Bauer said it hopesz to operate business as usual during bankruptcyh court proceedings and has askedx for court approval to continue paying vendors and The company also said it intendsa to honor customergift cards, returnsw and loyalty program points. The company also announcedd that it has secured a commitment from its existingy revolvingcredit lenders, Bank of America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basexd on the final court The move, the company said, should provide it with ample cash flow to continue payinf its bills.
“Eddie Bauer is a good companyh with a great brand and a badbalancer sheet. This process will allow the business to emerge with farless debt, positioned for growthn as the economy recovers and as our new productas gain traction,” said Neil Eddie Bauer president and chiefg executive officer, in a “We expect this process to be completeed very quickly, protecting our employees and criticalp vendor partners every step of the way.
“We have made good progresse on our turnaround strategy of returning Eddiee Bauer to its heritage as an activre outdoor brand and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-gradew outerwear and gear. Unfortunately, a crushing debt burdem placed on the company from the Spiegel reorganization in combined with the prolonged recession, have left us with no choice but to use this procesz to reduce the debt load on the