The Nasdaq Stock Market has notified Eddie Bauer Holdings, Inc. that the company’s common stock will be delisted from the Nasdaq Stock Market. The delisting decision was a consequence of the company’s bankruptcy protection filings.
According to the Nasdaq notice, unless Eddie Bauer appeals the delisting determination, trading of its common stock will be suspended at the opening of business on June 26.
Eddie Bauer has entered into an asset purchase or “stalking horse” agreement with an affiliate of CCMP Capital Advisors, LLC to buy Eddie Bauer’s assets, subject to an auction and Bankruptcy Court approval.
On June 18, the U.S. Bankruptcy Court ruled in favor of a “First Day” motion which is designed to allow the firm to support its vendors, customers (including the honoring of gift cards and merchandise certificates), employees and utilities, among others. The orders issued by the Court ensure that the Company will continue normal operations as it moves forward with its sale process. According to the company all of its retail operations, its catalog and its Web sites are open and serving customers as usual.
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