Eddie Bauer is shutting down almost 200 stores in North America after failing to find a buyer for the company that operates the locations.
The operating entity is Eddie Bauer LLC, a portion of the holding company Catalyst Brands, which licenses the rights to operate Eddie Bauer stores in North America, Business Insider reported.
The bankruptcy does not affect Authentic Brands Group and SPARC Group LLC, which own the brand and the intellectual property, according to The Street.
Eddie Bauer stores have already started liquidation sales, with closings expected to wrap up by the end of April, Business Insider reported.
An auction scheduled for March 6 to sell all or part of the business was canceled after no qualified bids were submitted.
“The debtors will continue store-closing sales at all of their brick-and-mortar locations unless and until a more value-maximizing transaction becomes available,” the company said in court documents.
RCS Real Estate Advisors announced it is marketing about 174 store leases, including 150 locations in the U.S. and another 24 in Canada. The stores average 6,300 square feet each and are in malls, retail areas, and “lifestyle centers,” or open-air shopping centers, according to The Street.
RCS said it will be in charge of marketing, lease assignments, and negotiations with Eddie Bauer, its advisor, with agreements subject to bankruptcy court approval.
Gift cards and rewards points are no longer being accepted, according to the court documents. No refunds or exchanges are being accepted and all sales are final.
Eddie Bauer founded the company in Seattle in 1920, starting it as a fishing shop. It has a strong history of providing gear for the first American to climb Mount Everest and of making down jackets and sleeping bags for the military during World War II.
The company’s founder made the down jacket for himself and his friends after he got hypothermia on a winter fishing trip. He patented the design of the warm coat and started a store that ended up growing into a worldwide brand, The New York Times reported.
Massachusetts is home to four Eddie Bauer locations:
-- Burlington
-- Wrentham
-- Lynnfield
-- Lee