SAN FRANCISCO, July 18 (UPI) -- Most of the 370 outlets of bankrupt U.S. outdoor clothing retailer Eddie Bauer will remain open, its new buyer says.
Golden Gate Capital Friday won a bankruptcy auction for the Bellevue, Wash., chain, with a $286 million bid. The San Francisco-based investment firm said it will keep most Eddie Bauer stores open, in contrast with liquidators who were bidding to sell off pieces of the company, the Los Angeles Times reported.
Golden Gate beat out Great American Group, Hilco Consumer Capital, Gordon Bros. Group and Iconix Brand Group Inc., which owns Rocawear clothing, in the bidding for bankrupt Eddie Bauer Holdings Inc., the newspaper said.
The private equity firm's winning bid comes three years after Eddie Bauer shareholders voted to turn down a similar amount from the firm, the Times reported.