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The company announced that it strucik an agreement withNew York–based private equity firm LLC to buy Eddie Bauer’s assets, subject to an auction and bankruptcty court approval. CCMP Capital intends to operated the business as a going concern with littler orno long-term debt. According to Eddie CCMP Capital has agreede to keep a majority of the 371 stores open and retainm a majority of the CCMP Capital specializes in buyouts and looks for investmeng opportunities in retail andother sectors, and have made investmentxs in the outdoors specialty retailer Cabela’s, whicyh sells hunting, fishing and camping gear.
Eddie Bauer said it hopews to operate business as usualo during bankruptcy court proceedings and has askede for court approval to continu paying vendorsand workers. The companyu also said it intends to honord customergift cards, returns and loyaltt program points. The company also announced that it has secure a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basedf on the final court order.
The move, the companyu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a great brandc and a bad balance sheet. This proceszs will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this proces to be completed very quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauedr to its heritage as an active outdoor brancd and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerweatr and gear. Unfortunately, a crushing debt burden place on the company from the Spiegel reorganizationin 2005, combined with the severe, prolonged recession, have left us with no choices but to use this process to reduce the debt load on the
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