Eddie Bauer president resigns, company resolves to move forward with turnaround strategy

By Lisa Kerner

Charlotte, N.C., Feb. 9 - Eddie Bauer Holdings, Inc.'s president, chief executive officer and board member Fabian Mansson resigned Friday.

The move follows the announcement Thursday that an insufficient number of shares were voted in favor of the company's proposed sale to Eddie B Holding Corp., owned by affiliates of Sun Capital Partners, Inc. and Golden Gate Capital, which sought to acquire Eddie Bauer for $9.25 in cash per share.

Board member Howard Gross has been named interim chief executive officer as the board conducts a search for a new chief executive officer, according to a company news release.

Howard has been president and chief executive officer of Limited Stores and Victoria's Secret Stores.

"On behalf of the entire board, I'd like to thank Fabian for his leadership over the past four and a half years," board chairman William End said in the release.

"Our board is committed to taking the necessary actions to put Eddie Bauer on a path to improve its performance and capitalize on the strong potential of its brand. We are moving forward thoughtfully and expeditiously to position the company to execute its turnaround strategy."

Eddie Bauer is a specialty retailer based in Seattle

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