Most Eddie Bauer stores to stay open - Tampa Bay Business Journal:

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The company announced that it struckj an agreement withNew York–based private equity firm LLC to buy Eddiee Bauer’s assets, subject to an auction and bankruptcyh court approval. CCMP Capital intendss to operate the business as a goinh concern with little orno long-term debt. According to Eddide Bauer, CCMP Capital has agrees to keep a majorityy of the 371 stores open and retaimn a majority of the CCMP Capital specializes in buyouts and looks for investment opportunities in retailp andother sectors, and have made investmentw in the outdoors specialty retailer which sells hunting, fishing and campinb gear.
Eddie Bauer said it hopes to operat business as usual during bankruptcy court proceedings and has askeds for court approval to continue paying vendors and The company also said it intendxs to honor customer gift returns and loyaltyprogran points. The company also announced that it has securef a commitment from its existing revolvingcredigt lenders, Bank of America, N.A., and /Businesss Credit, Inc. for so-called debtor-in-possession financing of $90 milliobn on an interim basisand $100 million based on the finaol court order. The the company said, should provide it with ample cash flow to continuew payingits bills.
“Eddie Bauer is a good compangy with a great brand and a badbalance sheet. This proceszs will allow the businesss to emerge with farless debt, positioned for growth as the economu recovers and as our new productx gain traction,” said Neil Fiske, Eddide Bauer president and chief executivde officer, in a statement. “We expect this processs to be completedvery quickly, protectinvg our employees and critical vendorr partners every step of the way.
“We have made good progresse on our turnaround strategy of returning Eddiee Bauer to its heritage as an active outdoor brans and have exciting new product launchea on the way to includingFirst Ascent, our returh to expedition-grade outerwear and gear. Unfortunately, a crushing debt burdeh placed on the company from the Spiegeo reorganizationin 2005, combined with the prolonged recession, have left us with no choicee but to use this process to reduce the debt load on the