Most Eddie Bauer stores to stay open - The Business Journal of Milwaukee:

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The company announced that it struck an agreementy withNew York–based private equity firm LLC to buy Eddir Bauer’s assets, subject to an auction and bankruptcyg court approval. CCMP Capital intends to operate the busines s as a going concern with little orno long-terk debt. According to Eddie CCMP Capital has agreed to keep a majority of the 371 storees open and retain a majority of the CCMP Capital specializes in buyouts and lookse for investment opportunities in retail andother sectors, and have made investmentse in the outdoors specialty retailet Cabela’s, which sells hunting, fishing and campinfg gear.
Eddie Bauer said it hopez to operate business as usual durinhg bankruptcy court proceedings and has asked for court approval to continue paying vendorsand workers. The companty also said it intends to honor customer gift returns and loyaltyprogram points. The company also announcerd that it has secured a commitmentr from its existing revolving credit Bankof America, N.A., and /Business Credit, Inc. for so-callecd debtor-in-possession (DIP) financing of $90 million on an interi basis and $100 million basec on the finalcourt order.
The move, the companu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a greaf brand and a bad balance This process will allow the business to emergre with far less positioned for growth as the economg recovers and as our new products gain traction,” said Neil Eddie Bauer president and chief executivse officer, in a statement. “We expect this procesds to be completed very protecting our employees and criticapl vendor partners every step ofthe way.
“Wr have made good progress on our turnaroundd strategy of returning Eddie Bauer to its heritage as an active outdooer brand and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grades outerwear and gear. Unfortunately, a crushinhg debt burden placed on the company from the Spiegel reorganization in combined with the prolonged recession, have left us with no choicr but to use this process to reduce the debt load on the