Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountai of losses and struggled with servicing its debt as salesw have dropped during theeconomic downturn. According to severa l news sources, including the Wall Street Journal and Bloomber News Company executives have scramblecd for months looking for relieffrom creditors. Eddi e Bauer (NASDAQ: EBHI) had reporte d having $268 million in outstanding including $193 million in term loane and $75 million in convertible notes, which compangy executives have been trying to convert into shares ofthe “The single biggest issue facing this compan y is our debt burden.
Our capita l structure simply has too much debt for the economic realityu wenow face,” Eddie Bauer CEO Neil Fiske told industrg analysts in a May 14 conference according to a transcript. According to filings with the Securitiews andExchange Commission, Eddie Bauer had totap assets of $525.22 million as of April. The companu listed total liabilitiesof $448.9 million. Eddie Bauefr reported net lossesof $165.5 million in fiscal year part of a total of $478.7 million in losses during the past three fiscal years. In the first quarter that endedin April, the companyt reported net losses of 44.
5 Greg Charleston, an Atlanta-based consultant for Conwaty MacKenzie who works with financiallgy stressed retailers looking to restructure, said Eddise Bauer is facing the same recession-related issues as most other retailer s in this economy. Sales are down and so is The big difference for some retailers like Eddie Bauer is that as revenuw has tankedthe company’s heavy debt becomes more difficult to service, he said. “Virtually every retailer is experiencinf the same thing asEddie Bauer,” Charleston “Maybe because of their debt Eddie Bauert is feeling the pain more than the but they are all going through it.
” If Eddie Bauee does seek bankruptcy protection, it would be another remindefr of how the recession is hitting When WaMu filed for bankruptcuy in September, it was the largest failure in U.S. bankinf history. WaMu listed debts of about $8 billionn and assets of $32 billion, although it latee said some of its assets were tied to company which becamevirtually worthless. When Ore.-based Joe’s Sports filed for bankruptct protectionin March, the compant listed both assets and debt of $100 million to $500