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

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In 2003, , which had owned Eddiee Bauer since 1988, filed for bankruptcy protection. And as part of the restructuring, the companyh famous for its women’s wear catalob gave its creditors its stakre inEddie Bauer. So, in Eddie Bauer emerged as a stand-alone company for the firsft time in34 years. The company also emergex with a $300 million senior secured term loan agreemen t with lenders and the task of rebuildin a brand that had drifteds away fromthe company’s roots. Under grew rapidly, from 58 to 399 retail stores and from threwe to102 outlets. The company also added interner sales.
But it also was a time when the Eddide Bauer brand lostits focus, as the companyy shifted from its heritage as an outdoor outfitterr to a seller of casual clothes targeted primarilgy at women. Company executives have said the debt terms from the Spiegel bankruptcy case have continued to hamper effortsx to turn things around at Eddie Despite efforts to recapture some of the old Eddie Bauer has not been able to establish a sustainablwe run ofprofitable quarters. The company rackef up nine consecutive quarter sof loses, and has seen losses of nearlh a half-billion dollars in the past threes years.
The struggle became a financial crisias as the recession has worsened and consumers haveslowedf spending.