8. Eddie Bauer

Eddie Bauer a longtime favorite for outdoor gearheads with over 8,000 employees spread between nearly North American 400 outlets filed for bankruptcy in June 2009, after a debt maturity coincided with a sharp retraction in consumer spending in its high-end retail market.

In the quarter prior to its bankruptcy, Eddie Bauer's lost $44.5 million, or $1.44 a share on a nearly 14% drop in year-over year sales. With its near half-billion dollar debt load, the recession proved insurmountable, even with cost-cutting efforts.

The company entered a pre-packaged bankruptcy and agreed to sell itself to private equity firm CCMP Capital Advisors for $202 million in a "stalking horse bid" that's used to get a sale process going in bankruptcy courts. A month later, private equity firm Golden Gate Capital relented, paying $286 million for the retailer after outbidding retailers like Iconix Brands ( ICON)

Now the questions is how Golden Gate Capital will look to exit the investment. In May 2010, the firm sold shares in popular retailer Express ( EXPR), a company that it had a 75% ownership in at the time. Express shares have since rallied over 50% after a lower than expected IPO pricing.

In April, Golden Gate, Veritas and Goldman Sachs ( GS) sold their shares in wireless equipment maker Aeroflex Holdings ( ARX), which have since fallen over 20%.

Golden Gate hasn't disclosed any sale plans and it's been a big dealmaker in 2011, buying up Lawson Software for $2 billion and California Pizza Kitchen for $470 million, while it also recently closed a $3.5 billion fund, according to New York Times reports

If you liked this article you might like

Delphi, Blackberry Announce Partnership to Advance Autonomous Vehicles

A Ford Pickup Truck That Can Be Driven Without Hands Is the Future

Here Comes a Chrysler Minivan You Can Drive With No Hands

Delphi to Bolster Self-Driving Safety With Innoviz Partnership

Now You're Hearing Apple Roar: Market Recon