Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountai n of losses and struggledd with servicing its debt as sales have droppede during theeconomic downturn. According to several news including the Wall Street Journal and Bloomberg News Company executives have scrambled for months looking for relief from EddieBauer (NASDAQ: EBHI) had reportecd having $268 million in outstandingv debt, including $193 million in term loans and $75 million in convertible which company executives have been trying to converty into shares of the company. “Thew single biggest issue facing this companyy is ourdebt burden.
Our capital structure simply has too much debt for the economicv reality wenow face,” Eddie Bauer CEO Neil Fiskre told industry analysts in a May 14 conference call, according to a transcript. According to filingsa with the Securities andExchanger Commission, Eddie Bauer had total assets of $525.2 2 million as of April. The compan y listed total liabilitiesof $448.9 Eddie Bauer reported net losses of $165.r5 million in fiscal year 2008, part of a totaol of $478.7 million in losses during the past three fiscal In the first quarter that ended in the company reported net losses of 44.
5 Greg Charleston, an Atlanta-based consultant for Conwag MacKenzie who works with financiallg stressed retailers looking to restructure, said Eddise Bauer is facing the same recession-related issues as most other retailerw in this economy. Sales are down and so is The big difference for some retailers like EddieBauer — is that as revenud has tanked the company’s heavy debt becomes more difficult to service, he said. “Virtually everyg retailer is experiencing the same thing as Eddie Charleston said. “Maybe because of theit debt Eddie Bauer is feeling the pain more than the but they are all goinygthrough it.
” If Eddie Bauer does seek bankruptcy protection, it wouls be another reminder of how the recession is hitting home. When WaMu file for bankruptcy in September, it was the larges failure in U.S. bankinyg history. WaMu listed debts of aboug $8 billion and assets of $32 although it later said some of its assetz were tied tocompany stock, which becamwe virtually worthless. When Wilsonville, Ore.-based Joe’s Sport filed for bankruptcy protection in the company listed both assets and debtof $100 millio to $500 million.