Bids Called Off for Eddie Bauer
Downers Grove, Ill., Apparel retailer Eddie Bauer is reportedly no longer on the selling block. The parent company, Spiegel, which is in bankruptcy, is said to have pulled Eddie Bauer off the auction block, after a seven-month sale process failed to land an acceptable bid, according to the New York Post. Eddie Bauer was put up for sale in April as Spiegel sought to repay creditors some of the $1.5 billion it owes.
The Post reports that while Eddie Bauer was expected to be acquired for as much as $1 billion, offers were only in the $600 million to $700 million range. The retailer operates roughly 425 stores and a catalog.