This Bauer bankruptcy traces back to Spiegel events - Austin Business Journal:

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In 2003, , which had ownede Eddie Bauer since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’s wear catalog gave its creditorz its stake in Eddie Bauer. So, in 2005, Eddie Bauer emerged as a stand-alone company for the first time in 34 The company also emerged witha $300 millionm senior secured term loan agreement with lenders and the task of rebuilding a brand that had drifted away from the company’z roots. Under Spiegel, grew rapidly, from 58 to 399 retailp stores and from threr to102 outlets. The company also adder internet sales.
But it also was a time when the Eddie Bauer brand lost its as the company shifted from its heritag e as an outdoor outfitter to a seller of casual clothexs targeted primarilyat women. Company executivesx have said the debt terms from the Spiegel bankruptct case have continued to hamper efforts to turn thingw around atEddie Bauer. Despit e efforts to recapture some of the old Eddie Bauer has not been able to establisyh a sustainable run ofprofitable quarters. The company rackedc up nine consecutive quartersof loses, and has seen lossesa of nearly a half-billion dollars in the past threr years.
The struggle becamer a financial crisis as the recession has worsened and consumers haveslowed