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MediaBuyerPlanner: Eddie Bauer Holdings Inc. has agreed to be acquired by two buyout firms for $286 million, or about one-third of its share price when it entered bankruptcy last year, writes Bloomberg.
The two firms, Sun Capital Partners Inc. and Golden Gate Capital, will also assume $328 million in debt. Eddie Bauer, which incurred losses in the last two quarters after switching focus from outdoor gear to fashion, emerged from Spiegel Inc.’s bankruptcy reorganization in 2005 as a stand-alone company.
According to the article, private equity firms spent at least $18 billion buying retailers so far this year.
The sale is expected to close in the first quarter.
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• Eddie Bauer Reports Big Q1 Losses
• Eddie Bauer Taps Carat Fusion as Agency of Record