Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountain of lossews and struggled with servicing its debt as sales have dropper during theeconomic downturn. According to severao news sources, including the Wall Street Journa and Bloomberg News Company executives have scrambled for months looking for relief from EddieBauer (NASDAQ: EBHI) had reported having $268 millionm in outstanding debt, including $193 million in term loane and $75 million in convertible notes, whichb company executives have been trying to converrt into shares of the company. “The single biggest issu facing this company is ourdebt burden.
Our capitaol structure simply has too much debt for the economic realithy wenow face,” Eddiee Bauer CEO Neil Fiske told industr analysts in a May 14 conferenc call, according to a transcript. Accordingf to filings with the Securities andExchange Commission, Eddie Bauefr had total assets of $525.22 million as of The company listed total liabilities of $448.9i million. Eddie Bauer reported net lossesof $165.5 milliobn in fiscal year 2008, part of a totalo of $478.7 million in losses duringt the past three fisca years. In the first quarter that endexdin April, the company reported net losses of 44.5 million.
Greg an Atlanta-based consultant for Conway MacKenzie who works with financiallg stressed retailers lookingto restructure, said Eddi Bauer is facing the same recession-related issues as most other retailerz in this economy. Sales are down and so is The big difference for someretailers — like Eddie Bauer — is that as revenue has tanked the company’sa heavy debt becomes more difficult to he said. “Virtually every retailer is experiencing the same thing asEddir Bauer,” Charleston said. “Maybe because of their debt Eddie Bauer is feelinf the pain more thanthe rest, but they are all going througjh it.
” If Eddie Bauer does seek bankruptcy it would be another reminder of how the recession is hittinvg home. When WaMu filed for bankruptc yin September, it was the largest failure in U.S. banking WaMu listed debts of about $8 billion and assetse of $32 billion, although it later said some of its assets were tied tocompanty stock, which became virtually worthless. When Ore.-based Joe’s Sports filed for bankruptcy protectionin March, the company listedr both assets and debt of $100 million to $500