SEATTLE–Golden Gate Capital has been selected by U.S. bankruptcy court as having the highest and best offer for Eddie Bauer Holdings.
Golden Gate’s all-cash bid was $286 million, and the offer will be formally presented to the court on Wednesday, July 22. The transaction is expected to close in early August, according to a statement from Eddie Bauer. After that, Golden Gate will maintain the substantial majority of Eddie Bauer’s stores and employees in a newly formed company.
Eddie Bauer filed for Chapter 11 bankruptcy protection on June 17. The statement said the transaction is not expected to result in any distribution to the Eddie Bauer stockholders.
Golden Gate Capital already owns retailers including Express and Norm Thompson Outfitters.