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Friday, May 30, 2003

Eddie Bauer: The End is Near

The sale signs have gone up in Westports Eddie Bauer store indicating the end is near.

As first reported here April 28, the store, a fixture for many years at the intersection of Post Road East and Taylor Place in the heart of the town center, is closing as part of parent company The Spiegel Group Inc.Ғs Chapter 11 bankruptcy reorganization.

At the time of the announcement, the timing of the actual closure was in doubt as the company needed approval of its shutdown plan from the bankruptcy court.

The court has now approved the plan and the closeout specialist handling the sale has put up the 30 percent off signs in the windows. One employee said the store will remain open until all the merchandise is gone.

The Spiegel Group Inc. said the store—which it actually counts as two as it has apparel as well as home items—is one of its 60 underperforming Eddie Bauer stores going out of business immediately.

It said it may close more of its 529 Eddie Bauer stores in the future.

A real estate source said the 16,400-square foot building at 40-44 Post Road East owned by a Greenwich-based real estate investment trust should rent quickly, if a new lease has not already been signed.


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