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Posted on 06/13/2009 8:42:42 PM PDT by SeekAndFind
The buzz this week has been that Eddie Bauer Holdings is close to filing for bankruptcy if it can’t sell itself or restructure.
Liquidation firms have reportedly been sizing up the apparel cataloger/retailer for weeks, including Hilco Consumer Capital and Gordon Brothers—the firms that bought Sharper Image out of bankruptcy in May 2008.
Eddie Bauer, which recorded a net loss of $165.5 million for fiscal year 2008, said in March it has $193 million in outstanding debt, and that it was trying to amend the loan terms.
The Bellevue, WA-based company generated $971.3 million in sales for fiscal 2008, down from $989.4 million in 2007. Direct sales slipped 1.3%, from $277.9 million in 2007 to $274.2 million.
The merchant, which has tried to reinvent itself several times in the past decade, has recently been focusing on returning its rugged apparel roots. But given its debt load and the state of the general economy, it may have been too late for a turnaround.
Eddie Bauer has been an independent company in 2005; former parent Spiegel had filed for bankruptcy protection in 2003. (Before Spiegel, Eddie Bauer had been owned by General Mills, from 1971 to 1988.)
Golden Gate Capital and Sun Capital in November 2006 agreed to buy Eddie Bauer for $614 million. But Eddie Bauer shareholders in March 2007 voted against the proposed sale because the price — $9.25 per share — was too low. That’s about $9 more than its share price today.
Anti drug idiot bump.
I used to buy some things from them years ago.
Some time since, they seemed to have abandoned their outdoor image for a metrosexual one.
Never got my business back.
No more Jack Bauer? I thought his contract with 24 was for another season.
Overpriced under quality stuff. Haven’t bought from them in at least two decades.
I haven’t bought from them in a long time. I’m boycotting LL Bean because of the Maine Senators and have just recently discovered Sierra Trading Post, based in Wyoming. I’m buying my outdoor gear from them now.
No, not Jack, it’s his cousin Eddie, the one that lives in the motorhome...he’s toast unless his cousin Obama will bail him out.
Oh...never heard of him.
I remember the original Eddie Bauer. Canoes, backpacks, camping gear, cross-country skis, and very good goosedown outerwear. Their store in the Detroit area even sold expensive shotguns. But since they were only 200 yards north of the Detroit border, they quickly closed down the gun department.
But that was several owners ago. Now there's nothing left except the name, and that's been trashed.
I dont spend my money in Seattle - ever
Yeah, probably ought to avoid Fords in general, then. Anyone know if there was a Toyota-san?
Ah. Looks like there was (sort-of — one-letter difference). Toyota was founded by Kiichiro Toyoda.
What?
That’s a retarded reason to boycot LLBean unless you boycot 60% of the companies in the US.
I avoid Seattle like the plague.
They said what they meant.
I somehow still can’t see the connection to drugs.
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