Retail giant Eddie Bauer closing all stores after 106 years

If you grew up wandering American malls, there’s a good chance you walked past an Eddie Bauer. The outdoor clothing brand has been around for more than a century, selling everything from winter jackets to hiking gear. If you needed a reliable jacket or flannels that could survive an actual camping trip, Eddie Bauer had you covered. Now, those stores are disappearing.

After 106 years in business, Eddie Bauer’s retail operator is preparing to close all of the brand’s physical stores as part of bankruptcy proceedings.

Why the brand is closing its stores

It all boils down to Eddie Bauer’s failure to find a buyer during its bankruptcy process.

The company, a subsidiary of Catalyst Brands, had been trying to sell its store operations during its Chapter 11 bankruptcy case. It even scheduled an auction earlier this month to find a buyer.

But no qualified bids came in before the deadline.

With no deal in place, the retailer is now moving forward with liquidation sales across its stores unless a last-minute buyer steps in during the bankruptcy process.

Nearly 180 stores across the U.S. and Canada are expected to close

The closures affect roughly 174 store leases, including about 150 locations across 40 U.S. states and 24 stores in Canada.

Real estate firm RCS Real Estate Advisors had been hired to market those leases to potential buyers. But without a purchase agreement, the stores are expected to shut down.

If you’re wondering how serious this is, take the fact that the company has already stopped accepting gift cards as of March 12 as a sign that the shutdown process is moving forward.

Don’t say your goodbyes yet 

While the physical stores are closing, the Eddie Bauer brand itself is not disappearing completely. Manufacturing, e-commerce, and wholesale operations in North America are expected to continue as ownership transitions to a new licensing partner.

International stores, including locations in Japan, are also not part of the closures. So, the brand may still exist online and in select markets, even as its North American storefronts vanish.

Source: iHeart Country