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Spiegel Emerges From Chap 11

REDMOND, WA-Spiegel, owner the Eddie Bauer clothing chain, will surface from Chapter 11 renamed Eddie Bauer Holdings Inc.

By Dana Dubriwny | Updated on May 31, 2005

REDMOND, WA-After receiving approval from the US Bankruptcy Court for the Southern District of New York, Spiegel will exit bankruptcy and begin paying creditors by June 17. Spiegel, owner the Eddie Bauer clothing chain, will emerge from bankruptcy renamed Eddie Bauer Holdings Inc.

Redmond, WA-based Eddie Bauer will continue to serve its customers through its stores, catalogs and Internet site. As part of the plan, Eddie Bauer will pursue a new strategic direction for its Eddie Bauer Home division, focusing on home products through licensing agreements.

As a result, 34 Eddie Bauer Home stores will close and about 700 jobs will be eliminated. The majority of the store closings are expected to occur in the second half of 2005. The retailer says this move will better utilize Eddie Bauer’s resources and allow the brand to focus solely on its core apparel and accessories business.

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