New York City, Shareholders of Eddie Bauer Holdings voted down the company's takeover deal with two private equity firms, the outdoor clothing retailer said Thursday. Eddie Bauer said "an insufficient number of shareholders" were voted in favor of the proposed $286 million buyout by Sun Capital and Golden Gate Capital.
The company said it will evaluate its options and continue to operate as a public company.
As Eddie Bauer struggled to revamp merchandise and revive its brand name, the chain hired Goldman Sachs last May to explore the sale of the company. It agreed to a $9.25-a-share offer by the private equity firms in November.