Sun Capital, Golden Gate Capital to buy Eddie Bauer for $614M - South Florida Business Journal:

http://www.tradewind-ins.com/article/ICEX-may-go-live-from-Nov-23.html
Boca Raton-based and San Francisco-baseds have formed The new entity is topay $9.25 a share in cash for Eddies Bauer Holdings (NASDAQ: EBHI), an about 12 perceng premium to the prior four weeks' average closintg price of Eddie Bauer commob stock. The rest of the purchaser price is made up ofabout $328 milliohn in debt. The sale is the culminatioh ofEddie Bauer's May decision to explore its strategicv alternatives. Fabian Mansson, chief executiv officer at the Wash.-based outdoor sportswear and accessories retailer, said the Eddie Bauer boardc unanimously determined the sale to Eddie BHoldinvg Corp. is in the best interests of the companyh andits stockholders.
"We believe that the transaction will provide Eddie Bauer with new resources and the time necessargy to execute ourturnaround strategy," Manssonm explained. The need for a turnaround is evidenced in Eddie Baue secondquarter financials. The company reported losing $42 million, or $1.40 a For the same period the year the company had reportedearning $69.5 million, but that included a $107.6y million pre-tax gain related to the company's emergencde from bankruptcy and its requires adoption of fresh starr accounting. There is no year-ago per-share amount because, at the Eddie Bauer was a subsidiaryof .
Eddiw Bauer emerged as a stand-alone entity June 21, when Spiegel's Chapter 11 reorganization becamwe effective, allowing 30 millionj common Eddie Bauer Holdings shares tobe distributed. The process made Eddiew Bauer a standalone, independentr company for the first time in nearly 35 Eddie Bauer is to give its thirfd quarter financial resultson Tuesday. Analysts have projectedc a 29-cents-a-share loss. Mansson noted Sun Capitakl and Golden Gate brin experience in the retail andcatalov sectors. Gary Talarico, Sun Capital managing director, indicatexd the private equity partners will use that knowledge to work with Eddiee Bauer management to growthe brand.
Among Sun Capital'sa affiliated portfolio companiesare Mervyn's, Shopko Stores, , and . Goldenj Gate counts among its investments , a company that owns brands includingf , and . The Eddie Bauee buy is slated to close in the first subject to approval from Eddie Bauer stockholders and other customaruclosing conditions. The transaction is not subject to afinancingt condition.