This announcement came at the heels of 21 Spiegel and Newport News outlets and clearance store closures disclosed last April 17.

According to the announcement, the 60 under-performing stores earmarked for closure will 'remain open for business pending approval of the store- closing plan by the Bankruptcy Court,' and will help improve The Group's financial outlook for the current year.

Commenting on the store closure announcement, Bill Kosturos, interim chief executive officer and chief restructuring officer of The Spiegel Group said, "The decision to close stores is never easy, yet we are confident that this move will result in a healthier, more productive store base for Eddie Bauer as we eliminate the least productive stores and concentrate our efforts on boosting store productivity."

Eddie Bauer currently operates 529 stores in the United States and Canada. There will be 469 left after the closure, roughly 90% of their current number.

According Fabian Mansson, president and chief executive officer of Eddie Bauer, that though Eddie Bauer as a company is taking it tough, they will 'continue to operate the remaining stores as as usual as we continue to deliver outstanding customer service and provide compelling merchandise.'

Founded in 1865 by Joseph Spiegel, the company began offering mail-order services to customers in rural areas in the early 20th century. Spiegel acquired Eddie Bauer in the late 1980s.

Spiegel's stock was unchanged at 7.4 cents at the close of Pink Sheets trading Monday.