Eddie Bauer LLC has filed for bankruptcy protection in the United States and will make a similar filing in Canada, the outdoor retailer said Monday.

The 220 outlets across the United States and Canada will remain open while the company seeks a potential buyer. It plans to sell off as many of the stores as possible and liquidate the rest.

Liquidation sales will begin as the court process gets underway. Some stores started marking down inventory by up to 60 per cent last week, reports The Canadian Press.

If the retail operator can’t find a buyer, it will begin a wind down of its Canadian and U.S. operations.

“This is not an easy decision, and we are grateful to the (Eddie Bauer)’s associates and customers for their loyalty and trust,” said Catalyst Brands chief executive Marc Rosen said in a news release.

“We are working to minimize the impact on the (Eddie Bauer)’s employees, vendors, customers and other stakeholders.”

There currently are 31 Eddie Bauer locations in Canada, with 15 in Ontario, six in Alberta and six in British Columbia.

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The company said the e-commerce and wholesale businesses, which are operated by Outdoor5 LLC, will not be impacted. Authentic Brands Group owns the Eddie Bauer brand and may license it to other operators.

The filing, submitted in New Jersey, lists US$1 billion in debt and US$500 million in assets.