Eddie Bauer Taps RCS for Lease Negotiations as It Navigates Chapter 11 Bankruptcy

Eddie Bauer’s store operator has brought in RCS Real Estate Advisors to help navigate its Chapter 11 restructuring, adding a specialist partner to the process of reviewing, closing, and potentially selling brick and mortar locations in the U.S. and Canada. The move comes as Eddie Bauer LLC works through its third bankruptcy in just over two decades, with store performance and lease terms under sharper scrutiny than ever.

Real Estate Advisor in a Chapter 11

RCS has been appointed as Eddie Bauer LLC’s real estate consultant to support lease negotiations, portfolio optimization, and potential store disposition during the court supervised process. In practical terms, that means assessing each store’s viability, negotiating rent relief or term changes where possible, and preparing underperforming sites for closure or assignment.

The involvement of a specialist advisor signals that the brand intends to be systematic in deciding which leases to keep, which to exit, and which locations might be attractive to buyers if a going concern sale of stores moves ahead.

Bankruptcy and Store Footprint

Eddie Bauer LLC operates roughly 180 to 200 branded stores across the U.S. and Canada under a license from Authentic Brands Group, which owns the Eddie Bauer intellectual property. The Chapter 11 filing, made in New Jersey in February 2026, follows years of declining sales, higher operating costs, supply chain disruption, and tariff uncertainty.

Under its restructuring plan, the company has started liquidation sales at many stores while it pursues a potential sale of part or all of its retail footprint. If no buyer emerges, Eddie Bauer LLC has indicated it will move toward an orderly wind down of its U.S. and Canadian store operations.

What RCS Will Likely Do

In this context, RCS is expected to lead a detailed review of Eddie Bauer’s store portfolio, prioritizing: lease restructurings, stronger stores, closing weaker ones, and preparing the best locations for possible buyers. The firm’s mandate typically includes negotiating with landlords to reduce occupancy costs, extend or shorten terms, and structure deals that fit the reorganization or sale strategy.

For shopping center owners, that could mean a mix of renewed commitments at recalibrated rents for some stores, and vacancy risk at others, depending on the outcome of negotiations and the broader Chapter 11 process.

Brand and Market Implications

It is important to note that Eddie Bauer’s e commerce and wholesale business in North America is operated by a separate licensee and is not part of the bankruptcy, and international stores run by other partners also remain outside the filing. That separation underlines how Authentic Brands structures its portfolios, with individual operators responsible for specific channels or regions and bearing the associated real estate risk.