Eddie Bauer Goes Bankrupt

Eddie Bauer filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The clothing retailer lost $44.5 million in the first quarter and has $187.9 million in long-term debt. Shares plummeted on rumors of the bankruptcy after it failed to convert part of that debt into equity and avoid penalties. There's already a prospective buyer, CCMP Capital Advisors, but another company may outbid it during proceedings.
(More Eddie Bauer stories.)