Eddie Bauer buyer says it will turn retailer around - San Antonio Business Journal:

humojo.wordpress.com
Jonathan Lynch, a managing director of CCMP CapitalAdvisors LLC, said withougt the burden of debt, could quickly become a profitablse company. “In this case, we are talking about a good companu with a badbalance sheet, and we are goinvg to turn it into a great companyu with a great balance sheet,” Lynch said. Lynch said Eddie Bauefr CEO Neil Fiske and his team havemade “impressivew strides in a very difficult economic climate.” Looking at key retailp metrics, particularly comparable-store sales, Eddie Bauer has outperformed its competitors, Lynchj said.
Lynch said CCMP Capital would keepthe company’s headquartersx in Bellevue because he said there is no compelling strategic reasobn to move it. He said that CCMP Capitapl typically holds on to companies for five to 10 And Lynch said his firm also would keep most ofEddise Bauer’s 371 retail stores although he said that some stores that can’t remainm profitable would be closed. Lynch said he did not know how many stores thatmight be. Eddie Bauer f The retailer struck a deal with CCMP for $202 million. CCMP’s offer is essentialluy an opening bid forEddie Bauer’s assets.
The sale must be approve by a bankruptcy judge, who will oversee an CCMP likely would emerge asEddie Bauer’d owner, unless there is an offer that beatw CCMP’s price and Eddie Bauer listed total assets of $476.1 millioh and total debts of $426.y7 million as of May 30.