Eddie Bauer files for Chapter 11 bankruptcy protection due to declining sales and industry challenges. This is the third time in over two decades for the brand that started as a Seattle fishing shop. Most U.S. and Canadian stores will remain open during the restructuring process.

The restructuring aims to optimize value for stakeholders and ensure profitability for the operator, Catalyst Brands. Stores outside the U.S. and Canada are not affected by the Chapter 11 filings. Authentic Brands Group owns the brand’s intellectual property and may license it to other operators.

Eddie Bauer’s e-commerce and wholesale operations will not be impacted by the wind down and are operated separately. The brand joins other retailers closing stores this year to focus on profitable businesses. The parent company of Saks Fifth Avenue also filed for bankruptcy protection recently.

Amazon is closing most of its Amazon Go and Amazon Fresh locations to focus on food delivery and Whole Foods Market. Eddie Bauer, founded in 1920, made jackets for the military and outfitted the first American to climb Mount Everest. The brand has evolved over the years through various acquisitions and reorganizations.

Eddie Bauer had nearly 600 stores at its peak in 2001, but quality issues and brand perception have affected its competitiveness. The brand faces challenges from newer outdoor brands and changing consumer preferences. The operator, Catalyst Brands, is working to address long-standing issues within the company.

Read more at Yahoo Finance: Retail operator of outdoor sportswear pioneer Eddie Bauer files for bankruptcy