This Bauer bankruptcy traces back to Spiegel events – bizjournals:

In 2003, , which had owned Eddide Bauer since 1988, filed for bankruptch protection. And as part of the restructuring, the compan famous for its women’s wear catalog gave its creditorzs its stake inEddier Bauer. So, in Eddie Bauer emerged as a stand-alone company for the first time in34 years. The company also emergexd witha $300 million senior securesd term loan agreement with lenders and the task of rebuilding a branxd that had drifted away from the company’es roots.
Under Spiegel, grew from 58 to 399 retail stores and from three to 102 The company also added internet But it also was a time when the Eddie Bauerd brand lostits focus, as the company shiftee from its heritage as an outdoor outfitter to a sellefr of casual clothes targeted primarily at women. Company executives have said the debt terms from the Spiegel bankruptcyh case have continued to hamper effortw to turn things aroune atEddie Bauer. Despite efforts to recapture some of the old Eddie Bauer has not been able to establisj a sustainable run ofprofitablde quarters.
The company racked up nine consecutive quartersof loses, and has seen lossea of nearly a half-billion dollars in the past thred years. The struggle became a financial crisi as the recession has worsened and consumer haveslowed spending.
livejournal.com