Eddie Bauer goes belly up

Eddie Bauer

made its mark selling rugged apparel and outdoor gear, but it's having a hard time surviving this economic climate.

Shortly after filing for Chapter 11 Bankruptcy protection on Wednesday, Eddie Bauer Holdings Inc. got a visit from a knight in shining armor: Private equity.

CCMP Capital Advisors LLC has bid $202 million in cash for Eddie Bauer's assets, including 371 retail stores, most of which CCMP says will remain open if the deal goes through. Other buyers can also bid on the company while in Chapter 11.

Eddie Bauer has been saddled with debt and slammed by the recession, but is it even still relevant?