Eddie Bauer Files Chapter 11

Bankruptcy rumors prove true

By Tara Grimes
|  Thursday, Jun 18, 2009  |  Updated 3:08 PM CDT
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Eddie Bauer Files Chapter 11

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Bankruptcy rumors have been surfacing for awhile about Eddie Bauer stores, and now it appears to be coming true.

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Due to plummeting sales, bankruptcy rumors have been surfacing for awhile about Eddie Bauer Holdings Inc.

True to the rumors, the Bellevue, Wash.-based company filed for Chapter 11 bankruptcy protection Wednesday the Chicago Tribune reported.

According to the Tribune, the clothing retailer reported a loss for the first quarter of $44.5 million.  When it filed for bankruptcy, the company had $476.1 million in total assets and $426.7 million in total debt.

The company is likely to be acquired by private-equity company CCMP Capital Advisors.

This comes after another well known clothing retailer, Filene's Basement, filed for Chapter 11 and was bought out by Men's Wearhouse over week ago.

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