Check out The Columbus Dispatch : Eddie Bauer files for bankruptcy protection

http://columbusdispatch.com/live/content/business/stories/2009/06/17/eddie_bauer.html?sid=101

Eddie Bauer files for bankruptcy protection Wednesday, June 17, 2009 1:46 PM Updated: Wednesday, June 17, 2009 05:05 PM ASSOCIATED PRESS NEW YORK -- Eddie Bauer Holdings Inc. is seeking Chapter 11 bankruptcy protection, the latest retail casualty of the recession. The clothing retailer had $476.1 million in total assets and $426.7 million in total debt at the time of the filing today in the U.S. Bankruptcy Court of the District of Delaware. Eddie Bauer has two stores in the Columbus area -- one at Easton, and an outlet store on the West side -- as well as a distribution center in Groveport. The distribution center has shrunk from about 650 to 350 employees in the past three years. One of the most recent cutbacks occurred in January, when 71 employees were let go as part of a company-wide reduction of about 15 percent of its non-store workforce. Company spokeswoman Wendi Kopsick said today that the company is "continuing to operate business as usual" and does not have further cuts planned now. The Wall Street Journal reported, citing anonymous sources, that the company is likely to be acquired by private-equity company CCMP Capital Advisors. Bankruptcy rumors had been swirling as Bellevue, Wash.-based Eddie Bauer struggled with slumping sales amid the recession. It reported a loss for the first quarter of $44.5 million. Eddie Bauer and CCMP did not immediately return calls for comment.