By Mark Huffman
ConsumerAffairs.com
July 17, 2009
Bankrupt retailer Eddie Bauer Holdings says it has found a buyer and will not face liquidation. The company has announced that Golden Gate Capital has been selected as having the highest and best offer with an all cash bid of $286 million.
The Company says the Golden Gate offer will be presented for court approval on July 22nd. The transaction is expected to close in early August.
Eddie Bauer filed for Chapter 11 bankruptcy protection in June.
According to a statement from Eddie Bauer, the Golden Gate sale will maintain the substantial majority of Eddie Bauer's stores and employees in a newly formed going concern company. Pursuant to the purchase agreement Eddie Bauer gift cards will be honored in the ordinary course of business, the firm said.
The transaction is not expected to result in any distribution to the stockholders of Eddie Bauer Holdings, Inc.
Established in 1920 in Seattle, Eddie Bauer is a specialty retailer that sells outerwear, apparel and accessories for what it describes as the active outdoor lifestyle. Eddie Bauer products are available at 371 stores throughout the United States and Canada, through catalog sales and online.
