Eddie Bauer Files for Bankruptcy

Eddie Bauer filed for Chapter 11 bankruptcy protection today, becoming one of the many retailers who filed for bankruptcy during this economic recession. With plummeting sales (over a half billion in sales in the last three years) combined with overwhelming debt ($290 million to be exact), Eddie Bauer had no other choice but to file for protection. The company hopes to find a buyer in order to get them out of bankruptcy. If not, they might succumb to Chapter 7 Bankruptcy and liquidate stores like retailers such as Gottschalks, Mervyns, Linens 'n Things, Circuit City, and Steve & Barry's. I hope they find a buyer soon so they can stay afloat!