Eddie Bauer's retail operator declares bankruptcy as younger shoppers view the brand as ‘old-fashioned and a bit irrelevant' [Fortune]
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Source: Fortune
Recommended Video The bankruptcy filing marks the third time in a little over two decades for the storied-but-now-tired brand that began as a Seattle fishing shop, later outfitted the first American to climb Mount Everest and made thousands of newfangled down jackets and sleeping bags for the military during World War II. Eddie Bauer LLC said Monday it had entered into a restructuring pact with its secured lenders as it made the filing in the U.S. Bankruptcy Court for the District of New Jersey. Most Eddie Bauer retail and outlet stores in the U.S. and Canada will remain open as the company winds down certain locations. It noted that it will conduct a court-supervised sales process, and if a sale can't be executed, it will begin a wind-down of its U.S. and Canadian operations. “This is not an easy decision,” said Marc Rosen, CEO of Catalyst Brands, which maintains the license to operate Eddie Bauer stores in the U.S. and Canada. “However, this restructuring is the best way to
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