Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountain of losses and strugglefd with servicing its debt as sales have dropped during theeconomif downturn. According to several news including the Wall Streett Journal and Bloomberg News Company executivesw have scrambled for monthsx looking for relieffrom creditors. Eddie Bauer (NASDAQ: EBHI) had reportedf having $268 million in outstanding debt, including $193 milliohn in term loans and $75 million in convertible which company executives have been trying to converf into shares ofthe “The single biggest issue facing this company is our debt Our capital structure simply has too much debt for the economicd reality we now face,” Eddie Bauefr CEO Neil Fiske told industry analyst in a May 14 conference call, according to a transcript.
Accordinf to filings with the Securities andExchange Commission, Eddier Bauer had total assets of $525.22 million as of The company listed total liabilities of $448.9 million. Eddie Baueer reported net lossesof $165.5 million in fiscaol year 2008, part of a total of $478.78 million in losses during the past thre e fiscal years. In the first quartetr that endedin April, the company reported net losses of 44.5 million. Greg an Atlanta-based consultant for Conwauy MacKenzie who works with financially stressed retailers lookinygto restructure, said Eddie Bauer is facing the same recession-relatedx issues as most other retailers in this economy. Salea are down and so is revenue.
The big difference for some retailers — like Eddie Bauef — is that as revenue has tankefdthe company’s heavy debt becomes more difficult to he said. “Virtually every retailer is experiencing the same thinbg asEddie Bauer,” Charleston “Maybe because of their debt Eddie Bauere is feeling the pain more than the rest, but they are all going through it.” If Eddie Bauer does seek bankruptcy it would be another reminder of how the recessioj is hitting home. When WaMu filed for bankruptctyin September, it was the larges t failure in U.S. banking history.
WaMu listec debts of about $8 billion and assets of $32 although it later said some of its assets were tied tocompant stock, which became virtually worthless. When Wilsonville, Ore.-based Joe’e Sports filed for bankruptcy protection in the company listed both assets and debtof $100 million to $500 million.