Eddie Bauer LLC, the company that operates the California stores, has filed for bankruptcy and is expected to close all of its stores following a failed bankruptcy auction. The outdoor retailer had filed in February and it was possible the stores would remain open under new ownership if a buyer was found. However, all Eddie Bauer gift cards and loyalty points will be invalid after Thursday. Authentic Brands Group, which owns the brand's intellectual property, announced in February it would focus on Eddie Bauer's "elite performance line" through its partnership with Outdoor 5.