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Wednesday, June 17, 2009, 2:51pm EDT
Eddie Bauer files Chapter 11
The Business Review (Albany)

Eddie Bauer Holdings Inc. filed Wednesday for Chapter 11 bankruptcy protection, overwhelmed by debt payments and a steep drop in customer spending.

Eddie Bauer has local two stores in the Albany, N.Y., area.

The company has struggled with its debt — a crisis that worsened as revenue dropped, part of an overall trend affecting most retailers during the recession. The company has lost nearly a half-billion dollars in the past three years.

Those losses, coupled with the impact of the recession and debt payments apparently pushed the company into bankruptcy court — a move that was rumored for months. As of May 11, Eddie Bauer reported having $289.5 million in outstanding debt, including $187.8 million in term loans and $75 million in convertible notes, which company executives have been trying to persuade debt-holders to convert into shares of the company.

According to a filing with the Securities and Exchange Commission, Eddie Bauer had total assets of $525.22 million in April. The company listed total liabilities of $448.9 million..............>>>>................>>>>...........http://albany.bizjournals.com/albany/stories/2009/06/15/daily24.html?surround=lfn&ana=test

This could be the town republicans' fault too I imagine.