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

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In 2003, , which had owned Eddie Bauer since 1988, filed for bankruptcy And as part of the the company famous forits women’s wear catalog gave its creditorw its stake in Eddie Bauer. So, in Eddie Bauer emerged as a stand-alone compan for the first time in 34 The company also emerged witha $300 milliohn senior secured term loan agreement with lender and the task of rebuildinhg a brand that had drifted away from the company’as roots. Under Spiegel, grew rapidly, from 58 to 399 retailp stores and from three to102 outlets. The company also addefd internet sales.
But it also was a time when the Eddiw Bauer brand lostits focus, as the company shifted from its heritagre as an outdoor outfitter to a selle r of casual clothes targeted primarily at Company executives have said the debt terms from the Spiege bankruptcy case have continued to hampef efforts to turn things arounsd at Eddie Bauer. Despite efforte to recapture some of theold magic, Eddie Bauer has not been able to establishj a sustainable run of profitable quarters.
The companhy racked up nine consecutive quarterssof loses, and has seen losses of nearlyg a half-billion dollars in the past three The struggle became a financial crisies as the recession has worsened and consumerws have slowed spending.