Eddie Bauer Holdings Inc. filed for Chapter 11 bankruptcy protection Wednesday.

As part of the filing, the company has an agreement to sell its assets to private-equity firm CCMP Capital Advisors LLC.

CCMP said it plans to keep a majority of the retailer’s employees and operate a majority of its stores. It said it would support the company’s efforts to continue to pay suppliers and honor gift cards while it operates under bankruptcy court protection.

The clothing retailer posted a net loss of $44.5 million for its most recent quarter and has $187.9 million in long-term debt. The company had been negotiating with holders of $75 million of its senior notes to convert that debt to equity. Shares have tumbled in recent weeks following rumors of a potential bankruptcy.[...]

Founded in 1920, Eddie Bauer was known from the 1950s to the 1980s for its down jackets, mountaineering parkas and expedition gear. Then, in 1988, Spiegel Inc. bought the company and transformed it from an outdoor-wear and -gear store into a retailer focusing on women’s casual clothes. In 2003, Spiegel filed for bankruptcy protection, and two years later Eddie Bauer was spun off.