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Eddie Bauer Files Chapter 11

Long-time retail staple Eddie Bauer has filed for Chapter 11 after reporting a Q1 loss of $445.5 million. The retail chain, which currently operates 371 stores, filed for bankruptcy protection because suppliers were getting nervous and cash flow was an issue. Eddie Bauer hopes to sell to CCMP Capital Advisors LLC for $202 million. The chain has emerged from bankruptcy before in 2005 after being spun off from former owner Spiegel, Inc.