Eddie Bauer's third bankruptcy in 23 years — all 175 stores closed by April 2026

Eddie Bauer, the outdoor apparel brand founded in 1920 that pioneered the quilted down jacket, filed for Chapter 11 bankruptcy protection on February 9, 2026 — its third bankruptcy since 2003. The company that operated its 175 stores in the US and Canada began winding down all locations, with going-out-of-business sales starting immediately. Unless a buyer emerged, every store would close by April 30, 2026.

The store operator, Catalyst Brands — a joint venture formed in January 2025 by Simon Property Group, Brookfield Corp., Authentic Brands Group, and Shein — held the retail leases under license from Authentic Brands Group, which owned the Eddie Bauer brand itself. Catalyst had inherited a portfolio of struggling chains including Lucky Brand, Aéropostale, Nautica, Brooks Brothers, and JCPenney. The Eddie Bauer store network, already weakened by years of sales declines, could not sustain its store-level economics under tariffs and supply-chain pressure.

The filing revealed $20 million cash on hand against average weekly disbursements of $1.6 million, with aggregate net sales proceeds from liquidation estimated at $21.3 million. Liabilities exceeded $1 billion against assets of $100–500 million. In January 2026, Catalyst had already transferred the brand's e-commerce, wholesale, and product development operations to Outdoor 5 Group, a licensing platform. The brand itself survived online and through international licensees — most notably 20 stores in Japan — but the entire North American retail footprint was wiped out.