Looks like L.L. Bean is getting serious about a possible Eddie Bauer acquisition. The idea first surfaced a few weeks ago after Bauer parent Spiegel filed for Chapter 11 bankruptcy protection and started closing EB stores and terminating employees.

Chris McCormick, Bean’s president and CEO, revealed his company’s specific interest in the retail chain in an interview with the Portland Press Herald/Maine Sunday Telegram last week.

The CEO indicated that Bean has hired consultants to perform due diligence on Bauer and lining up investment bankers to finance a deal.

In the PPH article, McCormick indicated that the value of EB had not been determined, but “industry speculation ranges from a low of $100 million to about $200 million.”

McCormick said Bean has been looking at the acquisition idea for about six months, after rumors that Spiegel was going to file for Chapter 11 protection. They do not expect to know for “several months” if the chain is even for sale.

The CEO downplayed the value of the 500 Eddie Bauer stores, but pointed to the value of the company’s brand name, its mailing list and two distribution centers as “worth more to Bean than other parts”.

Still, the acquisition would give LL Bean a significant presence on the ground as it looks to prop up slowing catalog sales. Internet has increased as a percentage of total business and Bean has opened new retails stores in Virginia, Maryland and New Jersey.

Catalog is now roughly two-thirds of the L.L. Bean business, down from 80%.