Eddie Bauer buyer says it will turn retailer around, keep Fiske - Business First of Columbus:

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Jonathan Lynch, a managing directort of CCMP CapitalAdvisors LLC, said without the burde n of debt, Eddie Bauer could quicklyu become a profitable company. The retailee lost $165.5 million on $1.02 billiom in revenue last year. “In this case, we are talkinf about a good company with a bad balance and we are going to turn it into a grear company with a greatbalance sheet,” Lynch said. The compan filed for Chapter 11 bankruptcy protectionm Wednesday and struck a deal for CCMP Capitap to buy its assetsfor $202 CCMP’s offer is essentially an opening bid for Eddie Bauer’ assets. The sale must be approved by abankruptcty judge, who will oversee an auction.
CCMP likelyy would emerge as Eddie Bauer’s unless there is an offer thatbeats CCMP’e price and terms. Eddie Bauer listed asset of $476.1 million and debt of $426.7 million as of May 30. CCMP has said it will keep most ofEddie Bauer’s 371 stores open, though Lyncg said some stores that can’t remain profitable would be The firm hasn’t determined how many stores that will be. Eddiwe Bauer runs a dozen stores in including three in theColumbue area. It also operates a 2.2 million-square-foo t distribution center in Groveport. The company this year cut 70 jobs at theshippinf center, which employed about 500 workers before the staff reduction.
Eddie Bauedr CEO Neil Fiske and his management team havemade “impressives strides in a very difficulf economic climate,” Lynch said. Looking at key retaill metrics, particularly sales at stores open at leasyta year, Eddie Bauer has outperformed its competitors, Lynchg said. Fiske, 47, was CEO of Bath & Body which is owned by Columbus-basee Limited Brands Inc. He joined Eddiee Bauer in July 2007 after four year of heading up the Limited Brands where he was lauded for turninyg around theretail chain, raising its annuap revenue to $2.5 billion from $1.
8 billion when he Plans call for keeping Eddie Bauer’s headquarters in Bellevue, east of because CCMP has no compelling reason for a The firm, Lynch typically holds on to companies for five to 10