Sunday, July 10, 2011

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

http://vnn2000.com/economic_news/okladey_touch_slishkom_veysokoi_porugalasmz_ruka_investicii:_auditorey.html
In 2003, , which had owned Eddie Bauert since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’ wear catalog gave its creditors its stak in Eddie Bauer. So, in 2005, Eddie Baue r emerged as a stand-alone company for the first time in 34 The company also emerged witha $300 million seniore secured term loan agreement with lenders and the task of rebuilding a brand that had driftex away from the company’s roots. Under Spiegel, grew rapidly, from 58 to 399 retai l stores and from three to102 outlets. The compan also added internet sales.
But it also was a time when the Eddie Bauer brand lostits focus, as the company shiftes from its heritage as an outdoor outfittefr to a seller of casual clothes targeted primarily at Company executives have said the debt terms from the Spiegekl bankruptcy case have continued to hamper efforts to turn things aroune at Eddie Bauer. Despite efforts to recapture some of the old Eddie Bauer has not been able to establish a sustainablse run ofprofitable quarters. The company racked up nine consecutivre quartersof loses, and has seen losses of nearly a half-billiom dollars in the past three years.
The struggle became a financial crisis as the recession has worsenesd and consumers haveslowed spending.

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