American clothing store operator Eddie Bauer LLC, owned by holding company Catalyst Brands, has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code, the retailer reported.
The procedure provided by this article allows for the reorganization of assets and restructuring of liabilities to overcome the crisis.
Eddie Bauer LLC is the operator of stores and the brand licensee of Eddie Bauer in the United States and Canada. The company is beginning to liquidate some of them, but they will continue to operate for now.
The company will conduct a liquidation sale of goods in stores and will attempt to find a buyer for the entire business or part of it. If the search is successful, it may abandon the full liquidation of the business.
As stated in the bankruptcy filing of Eddie Bauer LLC, the company has over 100,000 creditors and liabilities in the range of $1-10 billion with assets totaling $100-500 million.
The first Eddie Bauer store opened in Seattle in 1920. The company fully outfitted participants of the first American expedition that ascended Everest (1963) and was the first to patent the quilted down jacket.
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