Just a few weeks ago we wrote about Eddie Bauer’s new line of technical outdoor gear, First Ascent. We closely followed the team on their climb to the top of Mount Everest and enjoyed the live updates from the team along the way. But just weeks after the successful summit of the world’s tallest peak, Eddie Bauer has filed for Chapter 11 bankruptcy protection.
Joining the ranks of many retailers filing for bankruptcy this year, Eddie Bauer Holdings was unable to overcome a large debt load in addition to three consecutive years of losses. The good news is that with the planned sale of the company for $202 million to a private equity firm, many of their retail locations will not have to close. However, it is speculated that some non-retail staff will be cut, salaries reduced, and hiring will freeze.
To read more about the bankruptcy filing, check out the article in the New York Times.