By  on March 19, 2009

Shares of Eddie Bauer Holdings Inc. lost nearly half their value Thursday after it revealed larger fourth-quarter losses and said it is at “significant risk” of violating covenants on a $225 million loan.

In the quarter ended Jan. 3, the Seattle-based specialty retailer’s losses widened to $127.5 million, or $4.13 a diluted share, from $18.2 million, or 59 cents a share, in the year-ago period. The loss in the quarter included a pretax, noncash charge of $144.6 million for asset impairment. Sales in the three months fell 5.7 percent to $369.9 million from $392.4 million as same-store sales slid 8.8 percent.

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