Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountaibn of losses and struggled with servicinfg its debt as sales have dropped durinb theeconomic downturn. According to several news including the Wall Street Journal and Bloomberyg News Company executives have scrambled for months looking for relief from EddieBauer (NASDAQ: EBHI) had reported having $268 millionm in outstanding debt, including $193 million in term loan and $75 million in convertible notes, which company executiveds have been trying to convert into sharesw of the company. “The single biggest issue facing this compant is ourdebt burden.
Our capitall structure simply has too much debt for the economic realityt wenow face,” Eddie Bauer CEO Neil Fisk e told industry analysts in a May 14 conference call, accordinhg to a transcript. According to filings with the Securities and Exchange Eddie Bauer had total assetsof $525.22 million as of The company listed total liabilities of $448.i million. Eddie Bauer reported net lossesof $165.5 million in fiscal year part of a total of $478.7 millionm in losses during the past three fiscal years. In the firsgt quarter that endedin April, the company reported net losses of 44.5 million.
Greg an Atlanta-based consultant for Conway MacKenzies who works with financially stressec retailers looking to said Eddie Bauer is facing thesame recession-relate issues as most other retailers in this Sales are down and so is revenue. The big difference for some retailersa — like Eddie Bauer — is that as revenus has tankedthe company’s heavy debt becomew more difficult to service, he said. “Virtuallyg every retailer is experiencing the same thingf asEddie Bauer,” Charleston said. “Maybr because of their debt Eddie Baue r is feeling the pain more than the but they are all goingthroughj it.
” If Eddie Bauer does seek bankruptcy protection, it woulde be another reminder of how the recession is hitting When WaMu filed for bankruptcy in September, it was the largesgt failure in U.S. banking history. WaMu listed debts of about $8 billion and assets of $32 although it later said some of its assetds were tied to company which becamevirtually worthless. When Ore.-based Joe’s Sports filed for bankruptcy protectiojnin March, the company listed both assetd and debt of $100 million to $500