This Bauer bankruptcy traces back to Spiegel events - The Business Review (Albany):

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In 2003, , which had owned Eddie Bauer since 1988, filesd for bankruptcy protection. And as part of the the company famous forits women’s wear catalotg gave its creditors its stake in Eddie Bauer. So, in Eddie Bauer emerged as a stand-alone compant for the first time in 34 The company also emerged witha $300 million seniot secured term loan agreement with lenders and the task of rebuildiny a brand that had drifted away from the company’ss roots. Under Spiegel, grew rapidly, from 58 to 399 retailk stores and from three to102 outlets. The companuy also added internet sales.
But it also was a time when the Eddiew Bauer brand lostits focus, as the companyu shifted from its heritage as an outdoor outfitter to a seller of casualo clothes targeted primarily at Company executives have said the debt term from the Spiegel bankruptcyg case have continued to hamper efforts to turn thingse around at Eddie Despite efforts to recapture some of the old Eddie Bauer has not been able to establis a sustainable run of profitable The company racked up nine consecutivew quarters of loses, and has seen losses of nearlh a half-billion dollars in the past three The struggle became a financial crisis as the recessioj has worsened and consumerx have slowed spending.