NEW YORK — The regulatory, antitrust waiting period for the proposed sale of Eddie Bauer to Eddie B Holding Corp., a company owned by Sun Capital Partners Inc. and Golden Gate Capital affiliates, ended Tuesday.
As previously reported, Bauer entered into an agreement on Nov. 13 to sell the company to Eddie B Holding Corp. for $9.25 per share, in a deal valued at $614 million. The transaction is still subject to the resolution of other closing conditions previously reported by the company, but is expected to be completed some time in the first quarter.
Bauer said it believed the sale would give the company resources to execute its turnaround strategy. "We look forward to partnering with Sun Capital and Golden Gate, who bring extensive experience in the retail and catalogue sectors, to take our company to the next level and to capitalize on the potential of the Eddie Bauer brand," said Fabian Mansson, chief executive officer of Eddie Bauer, in a statement released when the sale was first announced.
The outdoor and apparel retailer had said that it mailed its definitive proxy statement to stockholders on Dec. 27. A special stockholders' meeting will be held on Jan. 25 to consider and vote on the transaction.
Golden Gate already owns Spiegel and Newport News, which, along with Eddie Bauer, were part of the Spiegel Inc. bankruptcy in March 2003. Bauer was spun out as a standalone company in June 2005. The private equity firm also owns retail and catalogue brands Appleseed's, Sahalie, Solutions, Drapers and Damon's, Norm Thomson, Haband's, Venus Swimwear Inc. and WinterSilks LLC.
Sun Capital's holdings include Mervyns, Shopko Stores, Lillian Vernon, Anchor Blue Retail Group, Dim Branded Apparel and Most.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)