WILMINGTON, Del. (CN) – Eddie Bauer, the outdoor clothing retailer, filed for bankruptcy, listing $427 million in debts and $476 million in assets. The company said CCMP Capital Advisors will buy Eddie Bauer, which has 371 outlets in the United States and Canada, for $202 million.
Eddie Bauer said it will stay in business during the sale and restructuring, and CCMP told industry publications that it will try to keep most Bauer stores open and retain most employees. Like so many retailers filing for bankruptcy this year, Bauer cited reduced sales and a debt load it could not carry.
CCMP is acquiring a big stable of retailers, including Cabela’s, the Guitar Center, Quiznos and 1-800-flowers.com.