WASHINGTON (dpa-AFX) - Seattle-based outdoor apparel company Eddie Bauer (EBAU) has filed for Chapter 11 bankruptcy protection for the third time in over 20 years. The company cited declining sales, inflation, and mounting industry pressures as the reasons for the filing.
Eddie Bauer LLC, which operates approximately 180 stores across the United States and Canada, made the bankruptcy filing. Most North American retail and outlet locations will remain open as the company pursues a court-supervised sale and winds down select stores. However, if a sale cannot be completed, the company may begin an orderly shutdown of its U.S. and Canadian retail operations.
The iconic outdoor brand, founded in 1920, was once an industry pioneer, supplying gear to the U.S. military during World War II and outfitting the first American to climb Mount Everest.
However, analysts say the company has struggled to keep pace with modern rivals, with quality concerns and waning relevance among younger consumers contributing to its latest financial troubles.
Authentic Brands Group continues to own the Eddie Bauer intellectual property and may license the brand to new operators.
The company's e-commerce and wholesale businesses will also continue, as they are run separately by Outdoor 5 LLC.
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