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

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In 2003, , which had owned Eddie Baue r since 1988, filed for bankruptct protection. And as part of the the company famous forits women’se wear catalog gave its creditors its stake in Eddiee Bauer. So, in 2005, Eddie Bauer emerged as a stand-alone company for the first time in 34 The company also emergedc witha $300 million senior secured term loan agreemeny with lenders and the task of rebuilding a brand that had drifted away from the company’sw roots. Under Spiegel, grew rapidly, from 58 to 399 retail storesz and from three to102 outlets. The company also addee internet sales.
But it also was a time when the Eddi Bauer brand lost its as the company shifted from its heritag e as an outdoor outfitter to a seller of casual clothes targeted primariluyat women. Company executives have said the debt terma from the Spiegel bankruptcy case have continueds to hamper efforts to turn thingxs around atEddie Bauer. Despite efforts to recapturse some of theold magic, Eddi Bauer has not been able to establish a sustainabler run of profitable quarters. The companyu racked up nine consecutive quartersof loses, and has seen losses of nearly a half-billion dollars in the past thre e years.
The struggle became a financial crisis as the recessionh has worsened and consumers haveslowed spending.