Sun Capital and Golden Gate, Here’s Your Second Shot at Eddie Bauer
Here’s a little timeline on Eddie Bauer, which filed for Chapter 11 bankruptcy protection a few hours ago: 2003: Eddie Bauer’s parent company, Spiegel Group, files for bankruptcy. 2005: Eddie Bauer becomes a publicly traded company. May 2006: Eddie Bauer puts itself up for sale. October 2006: Eddie Bauer is reported to receive a “below market” offer from Sun Capital and Golden Gate Capital, meaning the bid from the two firms was below its share price. November 2006: The company’s shares are driven down on news of the bid; Sun and Golden Gate agree on a deal at the same price (but no longer a “take-under”) for $614 million. February 2007: Eddie Bauer’s shareholders reject the agreed-upon deal. Sun Capital refuses to sweeten its offer. June 2009: Eddie Bauer loses money for nine quarters in a row. June 2009: Eddie Bauer files for bankruptcy. Again.* The company files with an agreement to sell to CCMP Capital Advisors for $202 million. Sun Capital and Golden Gate Capital have already done their diligence on Eddie Bauer. Could they plan a rival bid to CCMP?
