In the wake of the economic crisis and the drastic decline in consumer spending, sportswear retailer Eddie Bauer has filed for bankruptcy. According to BankruptcyData.com, the company which operates 370 retail and outlet stores only has about a $50 million surplus in ratio to its $426 million debt. About the situation, Neil Fiske, president and CEO of Eddie Bauer, said in a statement, “The story of Eddie Bauer today can be summarized in one phrase: good company, great brand, bad balance sheet.”

Surprisingly there is already a buyer on the market. CCMP Capital Advisors plans to purchase most of Bauer’s assets for $202 million stacks…in cash.

We’ll see how this works out for them!

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