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Eddie Bauer’s shareholders have turned down a $530 million sale of the company to Eddie B Holding Corp., a company owned by affiliates of investment bankers Sun Capital Partners Inc. and Golden Gate Capital.
Multi-channel retailer Eddie Bauer is maintaining the corporate status quo.
On Thursday, Eddie Bauer’s shareholders turned down a sale of the company to Eddie B Holding Corp., a company owned by affiliates of investment bankers Sun Capital Partners Inc. and Golden Gate Capital. Sun and Golden Gate approached Eddie Bauer shareholders in a deal valued at about $530 million, which included assuming an existing debt of about $328 million.
“As a result of this vote by stockholders, Eddie Bauer will continue to operate as a stand-alone publicly traded entity,” the company says. “The Eddie Bauer Board of Directors will be evaluating appropriate next steps for the company.”
In May, just more than a year after emerging from a high profile bankruptcy and only months after launching an aggressive new branding initiative that failed to meet expectations, Eddie Bauer, No. 46 in the Internet Retailer Top 500 Guide, retained retained Goldman, Sachs & Co. as its financial advisor to evaluate and assist with a possible sale.
Eddie Bauer will continue to evaluate other strategic actions, the company says.