Eddie Bauer Holdings, Inc. (EBHIQ) , the outdoor-clothing retailer that filed for Chapter 11 bankruptcy protection on June 17, said it’s selling itself to private equity firm Golden Gate Capital, pending bankruptcy court approval of the $286 million bid.
The retailer, which has 371 stores in North America, said several private equity firms, including San Francisco-based CCMP Capital Advisors LLC, a firm that has invested approximately $12 billion in buyout and growth equity transactions since 1984, were in the running to buy its assets. New-York based CCMP, the former JPMorgan Chase & Co. (JPM) private equity arm, was offering $202 million for the company. But Golden Gate Capital’s $286 million cash bid was clearly the highest and best offer in the retailer ‘s bankruptcy auction.
In a statement, Eddie Bauer Inc. said the Golden Gate Capital offer will maintain the “substantial majority of Eddie Bauer’s stores and employees in a newly formed going concern company.”
Golden Gate’s offer is subject to court approval July 22.