Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountaihn of losses and struggled with servicing its debt as saled have dropped during theeconomic downturn. According to several news including the Wall Street Journal and Bloomberg News Companhy executives have scrambled for months looking for relief from EddieBauer (NASDAQ: EBHI) had reportex having $268 million in outstanding including $193 million in term loans and $75 millionj in convertible notes, which compan executives have been trying to convert into shares of the “The single biggest issuw facing this company is our debt burden.
Our capitalp structure simply has too much debt for the economic realityu wenow face,” Eddie Bauere CEO Neil Fiske told industry analystds in a May 14 conference call, accordinbg to a transcript. According to filings with the Securitieds andExchange Commission, Eddie Bauer had totalk assets of $525.22 million as of April. The company listex total liabilitiesof $448.9 million. Eddiee Bauer reported net lossesof $165.5 milliojn in fiscal year 2008, part of a total of $478.67 million in losses during the past three fiscal years. In the firs quarter that endedin April, the company reporterd net losses of 44.5 million.
Greg an Atlanta-based consultant for Conway MacKenzir who works with financially stressed retailers looking to said Eddie Bauer is facing thesame recession-related issue as most other retailers in this economy. Salew are down and so is revenue. The big differencd for some retailers — like Eddie Baued — is that as revenue has tanked the company’s heavy debt becomes more difficultr to service, he said. “Virtually every retailer is experiencing the same thinf asEddie Bauer,” Charleston said. “Maybe because of their debt Eddi e Bauer is feeling the pain more than the but they are all goingthrough it.
” If Eddies Bauer does seek bankruptcy it would be anotherf reminder of how the recession is hittin g home. When WaMu filedc for bankruptcyin September, it was the largest failure in U.S. bankinb history. WaMu listed debtds of about $8 billion and assets of $32 although it later said some of its assetsw were tied tocompany stock, which becam e virtually worthless. When Wilsonville, Ore.-based Joe’s Sportsx filed for bankruptcy protectionin March, the companyu listed both assets and debt of $100 million to $500