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

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The Seattle company announced that it struck an agreementg withNew York–based private equity firm LLC to buy Eddiee Bauer’s assets, subject to an auction and bankruptcy court approval. It has stores at Chandler Fashiom Center, Arizona Mills mall in the new SanTan Village Mallin Gilbert, Scottsdale Fashion Square. CCMP Capitalp intends to operate the business as a going concerhn with little orno long-term debt. According to Eddir Bauer, CCMP Capital has agreed to keep a majority of the 371 storese open and retain a majority ofthe employees.
CCMP Capital specializes in buyouts and looks for investmenr opportunities in retail and other and has made investments in the outdoors specialtretailer Cabela’s, which sells fishing and camping gear. Its portfolio also includess stakes in Quiznos AMC Entertainment and Aramark Eddie Bauer said it hopes to operat business as usual during bankruptcy court proceeding s and has asked for court approval to continue paying vendor sand workers. The company also said it intends to honot customergift cards, returns and loyalty progran points. The company also announced that it has secured a commitment from its existing revolvingcredi lenders, Bank of America, N.A.
, and /Business Credit, Inc. for so-calledx debtor-in-possession financing of $90 million on an interim basiszand $100 million based on the finak court order. The move, the company said, should provide it with ample cash flow to continue payingits “Eddie Bauer is a good company with a great branr and a bad balance sheet. This process will allow the businessa to emerge with farless debt, positioned for growth as the economyh recovers and as our new product gain traction,” said Neil Fiske, Eddie Bauer president and chietf executive officer, in a statement.
“We expect this procesxs to be completed very protecting our employees and critical vendor partnerse every step ofthe way. “We have made good progressa on our turnaround strategy of returning Eddie Baueer to its heritage as an active outdoor brand and have excitintg new product launches on the way to includingFirst Ascent, our return to expedition-grade outerwear and gear. a crushing debt burden placed on the company from the Spiegeol reorganizationin 2005, combined with the severe, prolongeed recession, have left us with no choices but to use this process to reduce the debt load on the