CCMP, as a so-called stalking horse bidder, is entitled to a $5 million breakup fee if it loses during the court-supervised auction process. "We’re not looking to liquidate the company or close most of the stores", said Jonathan Lynch, a CCMP managing director, as quoted in "The New York Times" report. The report continued: "CCMP first took a look at Eddie Bauer in 2004, but was dissuaded from making an investment because the company was then focused on becoming a women's casual apparel chain, along the lines of J. Jill or Talbots. ... A new management team led by Fiske began returning the company ... toward its outdoor adventure roots" and led to the renewed contacts with CCMP. The company was acquired at bankruptcy auction by Golden Gate Capital in July 2009.