This Bauer bankruptcy traces back to Spiegel events - Boston Business Journal:

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In 2003, , which had owned Eddide Bauer since 1988, filed for bankruptcy And as part ofthe restructuring, the compan y famous for its women’s wear catalobg gave its creditors its stake in Eddir Bauer. So, in 2005, Eddie Bauer emerged as a stand-alone compang for the first time in 34 The company also emerged witha $300 million senioer secured term loan agreement with lenders and the task of rebuilding a brandr that had drifted away from the company’s roots. Under Spiegel, grew from 58 to 399 retail storesa and from three to102 outlets. The company also addeed internet sales.
But it also was a time when the Eddis Bauer brand lost its as the company shifted from its heritag e as an outdoor outfitter to a seller of casual clothezs targeted primarilyat women. Company executives have said the debt termss from the Spiegel bankruptcy case have continued to hamper efforts to turn things around atEddie Bauer. Despite efforts to recapture some of theold magic, Eddie Bauer has not been able to establisuh a sustainable run of profitable quarters. The company racked up nine consecutivwe quartersof loses, and has seen losses of nearly a half-billiomn dollars in the past threde years.
The struggle became a financial crisis as the recession has worsened and consumers haveslowed spending.