Bankruptcy court approves Eddie Bauer bid

Seattle Eddie Bauer Holdings announced that Golden Gate Capital's $286 million cash bid was approved by the bankruptcy court.

The deal is set to close in early August.

The company, which filed for Chapter 11 bankruptcy protection in June, said earlier in the month the bid was the highest and best offer in its bankruptcy auction.

Eddie Bauer has said Golden Gate's bid would keep most of its stores open and workers on the job. Eddie Bauer gift cards will continue to be honored.