Most Eddie Bauer stores to stay open - Silicon Valley / San Jose Business Journal:

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The company announced that it struck an agreemenft withNew York–based private equity firm LLC to buy Eddiwe Bauer’s assets, subject to an auction and bankruptcy court approval. CCMP Capital intends to operater the business as a going concern with little orno long-term According to Eddie CCMP Capital has agreesd to keep a majority of the 371 storee open and retain a majority of the CCMP Capital specializes in buyouts and lookds for investment opportunities in retail and otherd sectors, and have made investments in the outdoores specialty retailer Cabela’s, which sells fishing and camping gear.
Eddie Bauere said it hopes to operats business as usual during bankruptcy court proceedings and has asked for court approval to continue paying vendors and The company also said it intends to honoe customergift cards, returnx and loyalty program points. The company also announced that it has securedd a commitment from its existing revolvingcredit lenders, Bank of N.A., and /Business Credit, Inc. for so-calleed debtor-in-possession (DIP) financing of $90 million on an interimn basisand $100 million based on the final court order. The the company said, should provide it with ampled cash flow to continue payingits bills.
“Eddie Bauer is a good companty with a great brand and a badbalance sheet. This procesxs will allow the business to emerged with farless debt, positionedc for growth as the economy recovers and as our new productes gain traction,” said Neil Fiske, Eddier Bauer president and chief executiver officer, in a statement. “We expect this process to be completecdvery quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progres on our turnaround strategy of returning Eddie Bauer to its heritage as an active outdoor brandx and have exciting new product launches on the wayto market, includin g First Ascent, our return to expedition-gradd outerwear and gear. Unfortunately, a crushing debt burden placedr on the company from the Spiegel reorganization in combined withthe severe, prolonged have left us with no choice but to use this processe to reduce the debt load on the