Eddie Bauer, LLC, the operator of Eddie Bauer’s North American stores, which filed for bankruptcy on February 9, retained RCS Real Estate Advisors as its exclusive real estate consultant as it moves to liquidate its 175 stores in the U.S. and Canada.
Under the bankruptcy reorganization plan, Eddie Bauer, LLC will conduct liquidation sales at its North American stores while continuing to pursue the sale of parts or all the business.
In this role, RCS will advise on all real estate matters. Should Eddie Bauer enter into a sale transaction as part of the process, RCS can negotiate potential portfolio-related modifications that may be required by buyers, including extensions, rent relief, rent holidays, and other restructuring measures. The firm will further assess opportunities to market select leases where value may be realized as certain store locations wind down.
“When a retailer enters Chapter 11, the real estate portfolio becomes a central consideration,” said Ivan Friedman, CEO of RCS Real Estate Advisors. “Our responsibility is to analyze the leases, advise on strategic options and help manage the portfolio in a way that protects stakeholders and maximizes any available value.”
RCS’s retention remains subject to approval by the U.S. Bankruptcy Court.
Image courtesy Eddie Bauer, LLC
