Bellevue, Wash.-based Eddie Bauer filed for Chapter 11 bankruptcy protection on Wednesday. In addition, the retailer has made a deal to sell its assets to private-equity firm CCMP Capital Advisors.

CCMP will serve as the stalking-horse bidder in an auction that will begin in a Delaware bankruptcy court, where another buyer can outbid CCMP for Eddie Bauer. Rumored bidders are Hilco Consumer Capital and Gordon Brothers Group.

The U.S. outdoor clothing chain, which opened its first store in 1920 in Seattle, recently reported a first-quarter loss of $44.5 million on sales of about $180 million. Eddie Bauer's Nasdaq Stock Market shares have lost 54 percent this year. In 2005, the retailer became an independent company after its parent Spiegel filed for bankruptcy protection. Eddie Bauer operates 371 stores in the U.S. and Canada, and also has products available through catalogs and at www.eddiebauer.com.