NEW YORK – The company managing approximately 180 Eddie Bauer outlets throughout the United States and Canada has sought Chapter 11 bankruptcy protection.

On Monday, Eddie Bauer LLC announced it had initiated a restructuring agreement with its secured creditors while filing for bankruptcy in the U.S. Bankruptcy Court located in the District of New Jersey.

This bankruptcy filing marks the third occasion in just over 20 years for the brand, which started as a Seattle-based fishing shop. Over the years, Eddie Bauer has become a notable name, equipping the first American to summit Mount Everest and supplying innovative down jackets and sleeping bags to the military during World War I.

The company has stated that Eddie Bauer’s retail and outlet locations across the U.S. and Canada will continue to operate as usual while they commence the closure of select stores. The firm also mentioned it plans to pursue a court-monitored sales process, and should a sale not materialize, it will begin winding down its North American operations.

“The decision was not made lightly,” explained Marc Rosen, CEO of Catalyst Brands, which holds the license for Eddie Bauer stores in North America. “This restructuring is essential to maximize stakeholder value while ensuring Catalyst Brands maintains profitability with robust liquidity and cash flow.”

It’s important to note that Eddie Bauer’s locations outside the U.S. and Canada, managed by different licensees, are unaffected by the Chapter 11 proceedings and will continue to operate normally.

Authentic Brands Group continues to own the intellectual property associated with the Eddie Bauer brand and may license the brand to other operators, the company said. The operations of other brands in the Catalyst Brands portfolio are not affected by this filing and will continue in the normal course, according to the release.

Eddie Bauer’s e-commerce and wholesale operations will not be impacted by the wind down, as they are operated by a company called Outdoor 5, LLC.