Insolvent outdoor apparel company Eddie Bauer Holdings Inc informed that it had been bought by Golden Gate Capital in a $286 million cash bid.

San Francisco based Golden Gate’s bid is scheduled to be approved by the bankruptcy court on July 22.

Around $286 million cash offer by Golden Gate Capital is the same that the Golden Gate Capital along with Sun Capital Partners Inc. offered in November 2006.

Golden Gate Capital intends to keep maximum number of 370 Eddie Bauer stores open and to retain many of the current employees.

However, Jeff Green, president of retail consultancy said, "To make the chain viable going forward they will have to close stores."

Eddie Bauer, which provides employment to about 10,000 persons, filed for the chapter-11 bankruptcy protection last month, putting the blame on the crushing debt burden.

The Golden Gate deal is expected to close in early August.