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

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In 2003, , which had owned Eddie Bauerf since 1988, filed for bankruptcty protection. And as part of the restructuring, the company famoua for its women’s wear catalog gave its creditors its stake inEddie Bauer. So, in 2005, Eddies Bauer emerged as a stand-alone compang for the first time in34 years. The company also emergee with a $300 million senior secured term loan agreement with lenders and the task of rebuilding a brand that had drifted away fromthe company’d roots. Under Spiegel, grew from 58 to 399 retail stores and from three to102 outlets. The companyh also added internet sales.
But it also was a time when the Eddied Bauer brand lostits focus, as the compangy shifted from its heritage as an outdoor outfittetr to a seller of casuao clothes targeted primarily at Company executives have said the debt term from the Spiegel bankruptcy case have continuef to hamper efforts to turn things around at Eddis Bauer. Despite efforts to recapture some of theold magic, Eddire Bauer has not been able to establisuh a sustainable run of profitable quarters. The company racked up nine consecutive quarters of and has seen losses of nearlya half-billion dollars in the past three years.
The struggle becam a financial crisis as the recession has worseneed and consumers haveslowed spending.