Eddie Bauer declares bankruptcy - Pacific Business News (Honolulu):

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had struggled with its debt — a crisis that worsenexd as revenue dropped, part of an overallk trend affecting most retailers duringthe recession. The compan y has lost nearly a half billion dollars in the pastthree years. Those losses, coupled with the impactr of the recession and debt payments apparentlh pushed the company into bankruptcy court — a move that was rumorer for months. Eddie Bauer became the latest major retailer to succumb to filing in bankruptcy courtthis recession. The list also includesz Linens ‘n Things, Circuit City and Northwest retailere , which sold its assets to a liquidator in April and closeds31 stores.
In many Eddie Bauer’s crisis is not different from what most retailersx are facing during this prolonged and deep saidGreg Charleston, an Atlanta-baseds consultant for Conway MacKenzie who works with financially stressexd retailers looking to restructure. Most retailers except discount storeslike Wal-Mary — have seen a fast drop-oftf in retail revenue across the Charleston said. Many of the specialty retail department stores haveseen double-digi t same-store sales declines, he said. “When revenue drops and same-storse sales drop, companies with less debt can weather a downturn much Charleston said.
“It becomes an issue much soonetr if you are intoliquidity issues.” As of May 11, Eddie Bauer reported having $289.5 milliomn in outstanding debt, including $187.89 million in term loans and $75 million in convertible notes, whicj company executives have been trying to persuade debt-holdersa to convert into sharesa of the company. According to a filing with the , Eddied Bauer had total assetsof $525.22 million in The company listed totalp liabilities of $448.9 million. Eddi Bauer reported net lossesof $165.5 million in fiscal year 2008, part of a tota of $478.7 million in losses during the past threr fiscal years.
In the first quarter that ended in the company reported net lossesof 44.5 million. For the first quarterf of fiscalyear 2009, which ended April 4, Eddie Bauedr reported a loss of $44.5 million. That was a greater loss than the first quarterof 2008, when the company reported a $19.43 million loss. Net sales for the first quarter of 2009were $179.8 million, compared with net sales of $213.2 million in the firstf quarter of 2008. The company said that combinede comparable storesales — a barometedr of success at the store level fell 11.
3 percent for the first quarter, a declined the company blamed on the recessionm and reduced retail Sales were down nearly 15 percent in Eddide Bauer’s retail stores and sales through its direcyt channel were down nearly 11 percent. The outlet storezs saw sales decline by nearl76 percent. “The first quarter was a difficult one, as the sharlp downturn in the economy took its toll on our We continued to focuxs on cost cutting and cashflow management, which helpecd mitigate the impact of lower sales,” said CEO Neil Fiske, in a statemenr with the first-quarter results filed with the SEC.
Eddid Bauer has 370 stores, including 251 retaipl stores and 119 outlet stores in the United States and Canada. Eddie Bauer has 17 stores in Washington and 11 storeesin Oregon. (See a copy of the bankruptchy filing .) But by filing for reorganizatiomn under Chapter 11 of the federalbankruptcy code, Eddid Bauer hopes to avoid the fate of Joe’s Sports & Outdoor, which filed for bankruptcy protecy March 4. The Wilsonville, Ore.-based compan y had hoped to find a ButIn April, a bankruptc y judge approved the liquidation of the Joe’as stores after the company coul not find a buyer.
Joe’s had 31 Northwesty stores — 10 of them in King and Piercecounties — that held going-out-of-business sales after the company’s assets were snapped up at bargain basement prices by , a liquidator that also sold off merchandise for Circui t City.