July 21, 2009 (FinancialWire) — Bankrupt specialty retailer Eddie Bauer Holdings, Inc. (OTC: EBHIQ) announced said that Golden Gate Capital has emerged as high bidder to acquire the company with an all cash bid of $286 million. The Golden Gate offer will be presented for bankruptcy court approval on July 22, with the transaction scheduled to close in early August.

The Golden Gate offer will maintain the substantial majority of Eddie Bauer’s stores and employees in a newly formed going concern company, according to the retailer.

Other bidders for the company, including New York hedge funds Monarch Alternative Capital and Anchorage Advisors, which together control Eddie Bauer’s $200 million of debt, had sought to turn the company into an online retailer and close the stores.

Eddie Bauer filed for Chapter 11 protection last month. At the time of the filing, the company had a bid from CCMP Capital to buy Eddie Bauer $202 million.

The company has 370 stores in North America and around 10,000 employees worldwide.

The Seattle-based specialty retailer sells outerwear, apparel and accessories for the active outdoor lifestyle. In addition to selling through its stores and website, Eddie Bauer participates in a joint venture in Japan and has licensing agreements across a range of product categories.

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