This Bauer bankruptcy traces back to Spiegel events - Pittsburgh Business Times:

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In 2003, , which had owner Eddie Bauer since 1988, filec for bankruptcy protection. And as part of the restructuring, the companyh famous for its women’s wear catalog gave its creditors its stakee inEddie Bauer. So, in Eddie Bauer emerged as a stand-alone companyt for the first time in 34 The company also emerged witha $300 milliobn senior secured term loan agreementt with lenders and the task of rebuildingb a brand that had drifted away from the company’s roots. Undee Spiegel, grew rapidly, from 58 to 399 retailp stores and from three to102 outlets. The company also added internet sales.
But it also was a time when the Eddiw Bauer brand lostits focus, as the company shiftedr from its heritage as an outdood outfitter to a seller of casualo clothes targeted primarily at women. Company executiveas have said the debt terms from the Spiege bankruptcy case have continued to hamper effortd to turn things around at Eddie Despite efforts to recapture some of the old Eddie Bauer has not been able to establisj a sustainable run ofprofitable quarters. The compant racked up nine consecutive quartersof loses, and has seen lossesw of nearly a half-billioj dollars in the past three The struggle became a financial crisiws as the recession has worsenex and consumers have slowed spending.