This Bauer bankruptcy traces back to Spiegel events - San Francisco Business Times:

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In 2003, , which had owned Eddie Baue since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’s wear catalovg gave its creditors its stake in Eddire Bauer. So, in 2005, Eddies Bauer emerged as a stand-alone compang for the first time in34 years. The compan also emerged with a $300 million senior secures term loan agreement with lenders and the task of rebuildingt a brand that had drifted away fromthe company’s roots. Under Spiegel, grew from 58 to 399 retail storex and from three to102 outlets. The company also added internet sales.
But it also was a time when the Eddie Bauer brand lostits focus, as the company shifted from its heritagee as an outdoor outfitter to a seller of casualp clothes targeted primarily at women. Company executives have said the debt termw from the Spiegel bankruptcy case have continuesd to hamper efforts to turn things arounsd atEddie Bauer. Despite effortsz to recapture some of the old Eddie Bauer has not been able to establishh a sustainable run ofprofitabld quarters. The company racked up nine consecutive quartersof loses, and has seen lossea of nearly a half-billion dollars in the past threre years.
The struggle became a financial crisizs as the recession has worsenecd and consumers haveslowed spending.