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

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In 2003, , which had owneds Eddie Bauer since 1988, filed for bankruptcyy protection. And as part of the the company famous forits women’ws wear catalog gave its creditors its stakd in Eddie Bauer. So, in Eddie Bauer emerged as a stand-alone company for the first time in34 years. The companyg also emerged witha $300 million seniord secured term loan agreement with lenders and the task of rebuildinv a brand that had drifted away from the company’s Under Spiegel, grew rapidly, from 58 to 399 retail stores and from three to 102 The company also added internet sales.
But it also was a time when the Eddid Bauer brand lostits focus, as the company shifted from its heritage as an outdoor outfitter to a sellefr of casual clothes targeted primarily at women. Compang executives have said the debt terms from the Spiegel bankruptcty case have continued to hamper efforts to turn thingsz around atEddie Bauer. Despite efforts to recapture some of the old Eddie Bauer has not been able to establisjh a sustainable run ofprofitables quarters. The company racked up nine consecutive quartersxof loses, and has seen losse of nearly a half-billionj dollars in the past three years.
The struggled became a financial crisis as the recession has worsenee and consumers haveslowed