A look back: L.L.Bean’s effort to buy Eddie Bauer fizzles
Eddie Bauer, the person, hadn’t run Eddie Bauer, the company, since he sold it in 1968. By 2004, Bauer was part of the Spiegel catalog company, which had filed for bankruptcy reorganization. In the Feb. 16, 2004, issue of Mainebiz, L.L.Bean’s CEO at the time, Chris McCormick, said the Freeport outdoor brand was interested in buying Bauer out of the Spiegel reorganization. At the time, Bauer had sales of $1.2 billion and Bean was at $1.1 billion, and McCormick said that adding Bauer could boost Bean’s retail presence, which was then limited to the flagship store and 15 factory outlets. By April of that year the deal was dead, with Bean’s analysis indicated Bauer had declining sales and customer base. Bauer was eventually acquired by Golden Gate Capital, a San Francisco-based private equity firm.
Fun Fact: In April 2004, Gov. John Baldacci signed a law allowing golf courses in Maine to sell beer from mobile bars. Golf course owners lobbied for the law, saying golfers were already sneaking beer onto the course. (From the April 12, 2004, Mainebiz).
Most Recent
Most Recent
0 Comments