San Jose Bankruptcy Attorney Talks About Eddie Bauer Bankruptcy
San Jose Bankruptcy Attorney Talks About Eddie Bauer Bankruptcy
The latest big name company to file for Chapter 11 Bankruptcy is clothing stalwart Eddie Bauer. The clothing retailer filed on June 17 in Delaware. This CH 11 bankruptcy is another sign that no particular industry is safe in these economic times as electronics retailer Circuit City, financial giant Lehman Brothers, and top auto makers GM and Chrysler have gone into bankruptcy.
Eddie Bauer lost $44.5 million dollars in the first quarter of 2009 and its revenues declined $33.4 million dollars from the year before. This showed a negative trend for Eddie Bauer's income which basically left it now choice but to file for creditor protection. The Bankruptcy Court approved $90 million dollars in loans to ensure that Eddie Bauer stores can continue to operate and certain vendors to be paid while Eddie Bauer finishes the Chapter 11 Bankruptcy.
The current plan for Eddie Bauer is very different from the GM and Chrysler Bankruptcies. The Court will most likely auction off the company. At the time of bankruptcy, a private equity firm had bid $202 million dollars in cash for the company. As a reminder, GM and Chrysler have the government taking partial ownership the automakers. Eddie Bauer's stock closed at 18 cents a share the day of the bankruptcy.
If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visit www.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs. Please feel free to complete our free bankrupcty evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
