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

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In 2003, , which had owneds Eddie Bauer since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’sz wear catalog gave its creditors its stake in Eddiee Bauer. So, in 2005, Eddie Bauer emergeed as a stand-alone company for the firsft time in34 years. The company also emergec with a $300 million senior securefd term loan agreement with lenders and the task of rebuildingb a brand that had drifted away fromthe company’s roots. Under Spiegel, grew rapidly, from 58 to 399 retaipl stores and from three to102 outlets. The company also adde internet sales.
But it also was a time when the Eddies Bauer brand lostits focus, as the companh shifted from its heritage as an outdoor outfitter to a seller of casual clothes targeteds primarily at women. Company executives have said the debt termx from the Spiegel bankruptcy case have continued to hamped efforts to turn things around atEddie Bauer. Despite efforts to recapture some of the old Eddie Bauer has not been able to establish a sustainablee run ofprofitable quarters. The companyg racked up nine consecutive quartersof loses, and has seen lossex of nearly a half-billion dollars in the past threer years.
The struggle became a financial crisisz as the recession has worsened and consumerw haveslowed spending.