Eddie Bauer, the 106-year-old outdoor apparel retailer, is preparing to file for Chapter 11 bankruptcy and close its entire fleet of more than 200 retail locations across North America, according to a January 29 report from Women’s Wear Daily. The move marks the latest iconic American brand to succumb to changing consumer preferences and retail pressures, despite surviving two prior bankruptcies.

The filing would end Eddie Bauer’s physical U.S. retail presence, though stores in Japan would remain unaffected. The brand is owned by Catalyst Brands, a holding group formed last year by Simon Property Group, Brookfield Corp., Authentic Brands Group, and Shein. Catalyst also controls Aeropostale, Lucky Brand, Brooks Brothers, Nautica, and JCPenney. Following the bankruptcy, Eddie Bauer’s manufacturing, e-commerce, and wholesale operations in North America are expected to transition to a new licensee, allowing the brand to continue through licensing even as brick-and-mortar locations close.

GlobalData Managing Director Neil Saunders cited a loss of differentiation as a key factor in the retailer’s decline: “Having been in quite a few Eddie Bauer stores over the past year, I really struggle to understand what the point of difference is. Stores are crammed full of product, are hard to shop, and don’t provide anywhere near enough inspiration. There’s very little storytelling. That doesn’t cut it in an outdoors category that remains soft and is full of innovative brands like Fjallraven and Arc’teryx, which run fantastic stores.”

RetailWire contributor Craig Sundstrom added that ownership structure played a major role: “I think the lesson, and it’s not learned as much as relearned, is that a brand becomes expendable when it’s part of a conglomerate…just as L&T was sidelined once NRDC acquired Saks.”

The Eddie Bauer bankruptcy underscores broader challenges facing legacy retailers in North America as consumer habits shift toward e-commerce, experiential shopping, and niche outdoor brands, leaving established department store-affiliated brands increasingly vulnerable.