Eddie Bauer Seeks Bankruptcy Protection

(AP)  Clothing retailer Eddie Bauer Holdings Inc. filed on Wednesday for bankruptcy protection, the latest retail casualty of the recession.

It said CCMP Capital Advisors LLC has bid for its assets. Other buyers may also make bids while the company is under court protection.

The company said in its filing that it is seeking court protection because its financial position was creating uncertainty among vendors that supply its inventory and because its cash flow problems "could severely impede" its operations.

Eddie Bauer said it might not be able to comply with some covenants in its $225 million senior debt or have the cash under its line of credit to make vendor payments in the future.

The outdoorsy clothing retailer had $476.1 million in assets and $426.7 million in debt at the time of the filing Wednesday with the United States Bankruptcy Court of the District of Delaware.

Bankruptcy rumors had been swirling as Bellevue, Washington-based Eddie Bauer struggled with slumping sales amid the recession.

It reported a loss for the first quarter of $44.5 million.

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I warned back in 2008 that this was an end to the 'BIG-BOX-RETAILERS' and Lyndon Larouche warned that this was more then a recession/depression but 'an of the road', 'an end of the Anglo-Dutch Financial Empire'.

And that's exactly what this is, it's no different then the 'fall of communism', the 'fall-of-consumerism' is what is happening.

The danger is the plan the globalists have in store to replace this dead system.

People who are smart and can connect-the-dots, can see on the horizon, a British Empire of Worthless Derivatives and Credit-Default Swaps Neo-Fuedalism and Serfdom posed as Malthusian Parasites and Ticks.

[mtoc]

re; Eddie Bauer; overpriced, undervalued, overleveraged, outstyled....what did you expect????? yet L.L. Bean prospers! I wonder why???? some/many stores in high rent malls may be a thing of the past. so may certain department stores. vox populi!