Columbus, Ohio Private-equity firm Golden Gate Capital has closed the previously announced deal to acquire Eddie Bauer Holdings’ assets and set the stage for the retailer to emerge as a newly formed company.
According to Business First of Columbus, Golden Gate made the announcement on Tuesday, about two weeks after it bid $286 million in bankruptcy court for the retailer.
In purchasing the retailer’s assets and operations, Golden Gate has agreed to keep at least 300 of Eddie Bauer’s 370 stores open.
CEO Neil Fiske said in a release that Eddie Bauer “will benefit immensely from the value and capability [Golden Gate] will bring.”
“With key new product launches slated for fall and holiday, a healthy balance sheet and a lower cost structure, we will be well positioned to grow Eddie Bauer,” Fiske said.
Eddie Bauer filed for bankruptcy protection June 17, saying it was overwhelmed by more than $300 million in debt from lenders and bondholders.