Buyers in quickly for Bauer - sportstextiles: Lea SportsTextiles

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Buyers in quickly for Bauer

18/06/2009

As suggested earlier in the month, sports retail group Eddie Bauer has attracted a bid from a prospective buyer almost immediately after filing for bankruptcy protection.

The company filed for Chapter 11 protection on June 17 and said right away that it would ask for the court's permission to sell its assets to private equity firm CCMP Capital for $202 million.

Reuters reported that CCMP was acting as a stalking horse, a tactic aimed at encouraging higher follow-up bids from other buyers.

CCMP managing director, Jonathan Lynch, told Reuters that Eddie Bauer was in the classic "good company, bad balance sheet" situation.

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