Most Eddie Bauer stores to stay open - Business First of Columbus:

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The company announced that it struc an agreement withNew York–based privatde equity firm LLC to buy Eddie Bauer’s assets, subject to an auctiobn and bankruptcy court approval. CCMP Capital intendzs to operate the business as a goinfg concern with little orno long-term According to Eddie Bauer, CCMP Capital has agreedd to keep a majority of the 371 stores open and retainh a majority of the employees.
CCMP Capita specializes in buyouts and looks for investment opportunitie in retail andother sectors, and have made investmentsw in the outdoors specialty retailer Cabela’s, whichu sells hunting, fishing and camping Eddie Bauer said it hopes to operatr business as usual during bankruptcu court proceedings and has asked for court approval to continure paying vendors and workers. The company also said it intendas to honor customergift cards, returns and loyalty progran points. The company also announced that it has securef a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc.
for so-called debtor-in-possession (DIP) financing of $90 millionj on an interim basisand $100 milliob based on the final court order. The move, the compant said, should provide it with ample cash flow to continuer payingits bills. “Eddie Bauef is a good company with a greaty brand and a badbalance sheet. This process will allowe the business to emerge with far less positioned for growth as the economy recovers and as our new product sgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this process to be completed very protecting our employees and critical vendor partnerds every step of the way.
“We have made good progresds on our turnaround strategy of returninf Eddie Bauer to its heritages as an active outdoor brand and have exciting new product launches on the wayto market, including First our return to expedition-grade outerwear and gear. a crushing debt burden placede on the company from the Spiegel reorganizationnin 2005, combined with the prolonged recession, have left us with no choice but to use this process to reduce the debt load on the