The planned auction for the Eddie Bauer store leases, slated for Friday, has been canceled since no qualified bids were submitted.
A bid from Colin Anten, submitted on Feb. 27, was deemed to be insufficient. According to court documents, Anten’s proposal “fails to demonstrate the financial wherewithal necessary to consummate the contemplated transaction and contains numerous material factual and legal deficiencies.”
The papers said Anten also submitted what were considered to be “inactionable proposals” for Bed Bath & Beyond and the Neiman Marcus Group, adding that these bids raise “significant concerns regarding Mr. Anten’s good faith intent and financial capacity to participate in the sale process or to serve as a stalking horse bidder. It is plainly obvious he cannot.”
The court papers did say that although the auction was canceled, the company will still consider any proposal to purchase some or all of the Eddie Bauer store assets as a going concern. Until that time, the closing sales for the 175 North American stores will continue.
Last month, Eddie Bauer LLC, the store operating company that is a division of Catalyst Brands, retained RCS Real Estate Advisors to market its stores in the U.S. and Canada. Even though no qualified bids were received, RCS will continue to market the leases, according to a spokesperson. It also hired Hilco to assist in the closure of the stores.
Eddie Bauer LLC filed a voluntary Chapter 11 petition in U.S. Bankruptcy Court in New Jersey on Feb. 9. This marked the third bankruptcy for the Eddie Bauer business, whose operating company was sold to SPARC Group Holdings and its intellectual property to Authentic Brands Group in a 2021 deal. In January 2025, SPARC was acquired by Catalyst Brands, which licensed Eddie Bauer’s North American brick-and-mortar retail rights. Authentic continues to own the Eddie Bauer brand, which was not part of the bankruptcy.
