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

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In 2003, , which had owned Eddied Bauer since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’s wear catalo g gave its creditors its stakr in Eddie Bauer. So, in 2005, Eddie Bauer emerge d as a stand-alone company for the firstf time in34 years. The company also emerged with a $300 million seniorr secured term loan agreement with lendersa and the task of rebuildingh a brand that had drifted away fromthe company’ss roots. Under Spiegel, grew rapidly, from 58 to 399 retail stores and from three to102 outlets. The company also addefd internet sales.
But it also was a time when the Eddide Bauer brand lost its as the company shifter from its heritage as an outdoor outfitter to a seller of casual clothes targetecd primarilyat women. Company executives have said the debt terms from the Spiegel bankruptcy case have continuex to hamper efforts to turn things around atEddie Bauer. Despite efforts to recapture some of the old Eddie Bauer has not been able to establish a sustainablw run ofprofitable quarters. The company racked up nine consecutiv quartersof loses, and has seen losses of nearlhy a half-billion dollars in the past three years.
The struggl became a financial crisis as the recession has worsenecd and consumers haveslowed spending.