Spiegel Looking for Bauer Buyer

The Spiegel Group (Downers Grove, Ill.) has announced its intention to sell its Eddie Bauer retail chain.

The bankrupt retailer, as part of its ongoing restructuring process, has directed the solicitation of parties who may be interested in acquiring the international 450-store specialty chain.

“During the past 12 months we have taken targeted actions to strengthen Eddie Bauer’s financial performance, closing underperforming stores and streamlining the organization, and we are pleased with the profitable financial results,” said Bill Kosturos, Spiegel’s interim ceo and chief restructuring officer. “We will evaluate the level of interest from potential buyers as we continue to work to develop a plan of reorganization. Based on an analysis of alternatives and negotiations with our creditors’ committee, we believe that the value of the Eddie Bauer business can be best realized by pursuing a sale at this time.”

Fabian Mansson, president and ceo of Eddie Bauer, said, “We have made significant progress this past year to reinforce Eddie Bauer’s rich outdoor heritage and refine the product offer.”