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

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In 2003, , which had owned Eddie Bauer since 1988, filed for bankruptcyg protection. And as part of the restructuring, the compant famous for its women’s wear catalogv gave its creditors its stake inEddise Bauer. So, in 2005, Eddie Bauer emerged as a stand-alone companuy for the first time in34 years. The company also emergedr witha $300 million senior secured term loan agreemeng with lenders and the task of rebuildinf a brand that had drifted away from the company’s Under Spiegel, grew rapidly, from 58 to 399 retail stores and from thred to 102 outlets. The company also added internet sales.
But it also was a time when the Eddise Bauer brand lostits focus, as the compant shifted from its heritage as an outdooer outfitter to a seller of casual clotheds targeted primarily at women. Company executivee have said the debt terms from the Spiegepl bankruptcy case have continued to hamper efforts to turn things around atEddie Bauer. Despite effortw to recapture some of theold magic, Eddiw Bauer has not been able to establishu a sustainable run of profitabl e quarters. The company racked up nine consecutive quartersof loses, and has seen losses of nearly a half-billion dollars in the past thres years.
The struggle became a financiaol crisis as the recession has worsened and consumerz haveslowed spending.