As part of the bankruptcy filing, the company will be acquired by private-equity firm CCMP Capital Advisors, though other parties might try to make higher bids. This one had been in the works for a while - the retailer posted a net loss of $44.5 million for its most recent quarter and has $187.9 million in long-term debt. From the WSJ:

CCMP now plays the role of the so-called stalking-horse bidder, meaning it has agreed to buy the assets on particular terms for a particular price. If CCMP gets outbid, it would be entitled to a breakup fee and its expenses on the deal. Other potential bidders, according to a person familiar with the matter, could include a joint venture of Hilco Consumer Capital LLC and Gordon Brothers Group, which have acquired other retailers such as Linens 'N Things Inc. and Bombay Co. furniture.

Way too early to know what this all means for the chain, though it wouldn't be surprising to see at least some of the stores close. Eddie Bauer has five locations in the L.A. area, according to its Web site. New York-based CCMP has several retail holdings, including the Quiznos sandwich chain and Vitamin Shoppe.