Eddie Bauer BankruptcyOverwhelmed by debt payments and a steep drop in customer spending, Seattle-based Eddie Bauer has filed for chapter 7 bankruptcy protection. Eddie Bauer Holdings Inc. has struck a deal to be bought by a private equity firm for $202 million with an agreement to keep most of the retailer?s stores open and employees on the payroll. The new agreement is with New York?based private equity firm CCMP Capital Advisors LLC, which intends to operate the business as a going concern with little or no long-term debt. CCMP Capital has agreed to keep most of the 371 stores open and retain most of the employees, according to Eddie Bauer. The company has two locations in Central Texas at the Hill Country Galleria and at the Round Rock Premium Outlets. CCMP Capital specializes in buyouts and looks for investment opportunities in retail and other sectors. Eddie B breast cream auer said it hopes to operate business as usual during bankruptcy court proceedings and has asked for court approval to continue paying vendors and workers. The company also said it intends to honor customer gift cards, returns and loyalty program points.The company also announced that it has secured a commitment from its existing revolving credit lenders, Bank of America, N.A., GE Capital Corp. and CIT Group/Business Credit, Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basis and $100 million based on the final court order. The move, the company said, should provide it with ample cash flow to continue paying its bills. According to its bankruptcy filing with the U.S. Securities and Exchange Commission, Eddie Bauer Holdings Inc. had total assets of $525.22 million in April. The company listed total liabilities of $448.9 million.