(NCS) — Eddie Bauer LLC filed for Chapter 11 bankruptcy safety on Monday and hopes to promote about 200 of its namesake outside sportswear stores in the United States and Canada, citing declining gross sales and provide chain challenges.
The firm stated its monetary headwinds had been exacerbated by the Trump administration’s unsure tariff insurance policies and inflation, amongst different elements.
Most of the clothes shop’s places will stay open whereas the firm seems for a purchaser. But if that course of fails, Eddie Bauer outlets in the US and Canada operated by the LLC might shut, the firm famous. The firm couldn’t say when particular person stores could shut, a spokesperson advised NCS over e-mail. (KTVZ News reported last week that Bend retailer staff had been knowledgeable of the impending closure.)
“While the leadership team at Catalyst was able to make significant strides in the brand, including rapid improvements in product development and marketing, those changes could not be implemented fast enough to fully address the challenges created over several years,” Marc Rosen, the chief government of Catalyst Brands, which owns the Eddie Bauer model, in a statement.
This is the third bankruptcy for the greater than 100-year-old firm, following a Chapter 11 submitting in 2003 and six years later, as a result of of the 2008 monetary disaster.
Eddie Bauer stores outdoors of the US and Canada will stay open as a result of they’re operated by different licensees, the firm stated in a press launch. The firm’s on-line gross sales and wholesale operations will transition to a unique agency referred to as Outdoor 5 LLC, permitting e-commerce to stay obtainable.
The model isn’t the first main retailer to file for bankruptcy to this point this 12 months. Saks Global filed for bankruptcy in January amid a broader luxury market slump and beneath excessive debt hundreds from shopping for its luxurious rival, Neiman Marcus.
“This is not an easy decision, and we are grateful to the Retail Company’s associates and customers for their loyalty and trust,” Rosen stated. “We are working to minimize the impact on the Retail Company’s employees, vendors, customers and other stakeholders.”
The-NCS-Wire
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