Eddie Bauer Rescued

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Photo: eddiebauer.com

San Francisco–based private-equity firm Golden Gate Capital won bankrupt Eddie Bauer in an auction with a $286 million bid. That's right: The firm is paying $286 million for Eddie Bauer. Golden Gate plans to keep most of the chain's employees and 370 stores. Eddie Bauer hasn't made a profit in three years, but a retail expert says, "There's some real value in the stores and in the brand." Also, the chicness of that sleeveless polo ... mmm. [Bloomberg]