Eddie Bauer’s parent company, Spiegel, has reportedly taken the retail chain off of the auction block, after receiving a series of disappointing bids. Final bids for the company were received in August, and sources close to the deal said that the valuations received were not within the expected range.

According to a report published on TheDeal.com, Eddie Bauer is on track to file a re-organization plan in which it will exit bankruptcy and its creditors will take equity in the company. Spiegel’s Creditors have not entirely ruled-out the possibility of a sale somewhere down the road, but it appears likely that this will take place after the re-organization has taken place.

Bain Capital LLC, Apollo Management LP, Kohlberg Kravis Roberts & Co., the private equity arm of Credit Suisse First Boston and Cerberus Capital Management LP were all said to be in on the bidding for Bauer, but were making offers 30-40% below the $1 billion asking price. Bauer reportedly is burdened with $1.4 billion in bank loans.