Chicago ? Eddie Bauer Holdings, the retailer known for its upscale outdoor clothing, said Wednesday that it’s seeking bankruptcy protection and is being acquired by a private equity firm.

The Seattle-based company filed for Chapter 11 in Delaware bankruptcy court, while also announcing that it has a deal to be bought by CCMP Capital Advisors for $202 million in cash.

CCMP will operate the business as a going concern, Eddie Bauer said, and will keep most of it stores and employees.

Although expected to close within 60 days, the sale is not finalized, as the Chapter 11 process opens the possibility of a higher bidder emerging, and a deal will need the court’s approval.

Based in New York, CCMP is a private investment firm that holds stakes in sandwich shop Quizno’s, music retailer Guitar Center and the outdoor-gear chain Cabela’s.