×
59 743
Fashion Jobs
OLD NAVY
Asset Protection Agent - Laguna Gateway Cntr
Permanent · Elk Grove
OLD NAVY
General Manager - Ward Parkway
Permanent · Kansas City
OLD NAVY
Asset Protection Service Representative - South Colorado Blvd
Permanent · Denver
JORDAN
Jordan Brand Marketing Manager
Permanent · New York
NIKE
Purpose Marketing, Global Brand Manager
Permanent · Beaverton
JORDAN
Jordan Brand Planning Manager
Permanent · Indianapolis
NIKE
Merchandising Manager
Permanent · Beaverton
NIKE
Materials Optimization Manager
Permanent · Beaverton
NIKE
Creative Operations Production Manager
Permanent · Los Angeles
NIKE
Global Director, Finance & Strategy Communications
Permanent · Beaverton
NIKE
Senior Construction Project Manager
Permanent · Beaverton
ABERCROMBIE AND FITCH CO.
Category Planner - Merchandise Planning
Permanent · Columbus
ABERCROMBIE AND FITCH CO.
sr. Category Planner - Merchandise Planning
Permanent · Columbus
ABERCROMBIE AND FITCH CO.
Inventory Planner - Merchandise Planning
Permanent · Columbus
NEIMAN MARCUS
Product Manager, bi & Analytics
Permanent · Irving
NEIMAN MARCUS
Manager, Sales Experience - Beverly Hills
Permanent · Beverly Hills
NEIMAN MARCUS
Sales Manager, Precious Jewelry-Palo Alto
Permanent · Palo Alto
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Aurora
ULTA BEAUTY, INC.
co - Sales Manager
Permanent · Oklahoma City
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Newark
SALLY BEAUTY CORPORATE
Outside Sales Representative -Cosmoprof
Permanent · Jackson
NEW BALANCE
Product Manager, Made
Permanent · Lawrence
By
Reuters
Published
Jun 23, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Eddie Bauer reportedly exploring options, including sale

By
Reuters
Published
Jun 23, 2017

Debt-laden U.S. outerwear and outdoor gear retailer Eddie Bauer LLC has hired investment banks to explore strategic alternatives, including a potential sale of the company, people familiar with the matter said on Friday.

Eddie Bauer has hired Guggenheim Partners LLC and Financo LLC to explore its options, the people said. They said the company is not currently pursuing a debt restructuring, although it is seeking relief from a $225 million term loan due in 2020 and $200 million revolving credit line that comes due in 2019.



The sources asked not to be identified because the deliberations are confidential. Golden Gate Capital declined to comment, while Eddie Bauer, Guggenheim and Financo did not immediately respond to requests for comment.

Changing consumer tastes and a boom in internet shopping have prompted upheaval in the retail sector. High-end retailers Neiman Marcus Group Ltd LLC and J. Crew Group Inc have both retained advisors to slash their debt loads. Others including Rue21 Inc and Gymboree Corp have filed for bankruptcy.

Bellevue, Washington-based Eddie Bauer, with about 370 stores in the United States and Canada, was acquired out of bankruptcy by buyout firm Golden Gate Capital in 2009 with a cash bid of $286 million.

Eddie Bauer, founded almost 100 years ago, was an acquisition target before. In 2014, men's apparel retailer Jos A. Bank planned to acquire Eddie Bauer for $825 million in an attempt to stay independent in the face of a bid from rival Men's Wearhouse Inc. The bid for Eddie Bauer ended when Men's Wearhouse succeeded in acquiring Jos A. Bank.

Eddie Bauer opened a flagship store on Fifth Avenue in New York City near Union Square in New York City about two years ago, in an attempted turnaround that also includes plans to launch a celebrity stylist-designed line in the fall.

Same-store sales at Eddie Bauer were up 8 percent for the holiday period between Black Friday and New Year's Eve, and are up 6 percent year-to-date, according to one of the sources.

Over the 12 months to April 1, however, Eddie Bauer has seen revenue declines and lower gross margins, according to credit ratings agency Moody's Investors Service Inc.

Both Moody's and Standard & Poor's downgraded Eddie Bauer's debt recently, warning that the brand may have to rely on borrowings to fund working capital needs and interest expense.
 

© Thomson Reuters 2021 All rights reserved.