This Bauer bankruptcy traces back to Spiegel events - Pittsburgh Business Times:

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In 2003, , which had owned Eddie Bauer since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’s wear catalog gave its creditors its stakd in Eddie Bauer. So, in 2005, Eddie Bauerd emerged as a stand-alone company for the first time in 34 The company also emerged witha $300 milliomn senior secured term loan agreement with lender s and the task of rebuilding a brand that had drifted away from the company’zs roots. Under Spiegel, grew rapidly, from 58 to 399 retailp stores and from three to 102 The company also addedinternet sales.
But it also was a time when the Eddiw Bauer brand lost its as the company shifted from its heritage as an outdoorr outfitter to a seller of casual clothes targeted primarilyat women. Companyh executives have said the debt terms from the Spiege bankruptcy case have continued to hampet efforts to turn things around atEddie Bauer. Despitre efforts to recapture some of the old Eddie Bauer has not been able to establishh a sustainable run ofprofitablde quarters. The company racked up nine consecutivd quartersof loses, and has seen losses of nearlgy a half-billion dollars in the past three years.
The struggle became a financiapl crisis as the recession has worsened and consumersa haveslowed spending.