Today, Eddie Bauer Holdings is filing bankruptcy protectoin once again. This is what I read on the Net:
"The outdoorsy clothing retailer had $476.1 million in assets and $426.7 million in debt at the time of the filing Wednesday with the United States Bankruptcy Court of the District of Delaware."
Since assets include liabilities and equity, and one type of liability is debts, does this mean that the total equity that Eddie Bauer had was only $49.4M (since $49.4 + $426.7 = $476.1)? Or is their use of the term "assets" inaccurate, and they really should have used the term "net assets/Book Value/Equity"?
Also, Eddie Bauer has already filed for bankruptcy back in '05. What is the future for a company that has no viable strategy to make an earning? This company sucks, if all they do is go bankrupt.