Incentive - July 2009 - (Page 50)

Watches & Clocks Keep On Ticking PAGE 52 Writing Instruments’ Style and Grace PAGE 56 Traditional styling is returning, but wild colors remain, too Fine pens send the message that you value the recipient Retailer Eddie Bauer Files for Bankruptcy Gains court permission to honor gift cards and loyalty programs By Leo Jakobson O utdoor apparel retailer Eddie Bauer has received court permission to honor its gift cards while it reorganizes under Chapter 11 of the U.S. Bankruptcy Code. The company’s leadership has sought permission to sell the retailer to private equity firm CCMP Capital Advisors and continue retail and catalog operations. Eddie Bauer sells its gift cards and e-cards in the incentive and corporate markets, and it is a member of the Incentive Gift Card Council. Citing concerns about its ability to meet debt payments, the Seattle-based firm, established in 1920, asked the U.S. Bankruptcy Court in Delaware to allow its sale to an affiliate of CCMP for $202 million in cash. It is pursuing a related case in Canada. According to a company statement, CCMP “intends to operate the business as a going concern with little or no long-term debt.” CCMP has agreed to keep the majority of Eddie Bauer’s stores open and retain the majority of its employees, support company motions to maintain critical vendor relationships and payments, and support company motions to honor gift cards and the company’s loyalty reward program. The court approved these “first day motions” on June 19. The firm has also been permitted to access $90 million of a $100 million “debtor-in-possession” loan facility from Bank of America. That said, the sale will almost certainly include an auction process, allowing other bidders to emerge. But Eddie Bauer Holdings said it “anticipates completing the sale process in 60 days or less.” The company plans to proceed “business as usual” through the process, including operating its 371 retail stores, catalog operations, and Web sites. “Eddie Bauer is a good company with a great brand and a bad balance sheet,” said Neil Fiske, president and CEO of Eddie Bauer. “This process will allow the business to emerge with far less debt and be positioned for growth as the economy recovers and as our new products gain traction. We expect this process to be completed very quickly, protecting our employees and critical vendor partners every step of the way.” Service Key to Rymax’s New Product Wizard J effrey Brenner has joined leading manufacturers rep firm Rymax Marketing Services as senior director of national product sales. Most recently the national sales director of corporate and wholesale markets at Hartmann Luggage, Brenner says that throughout his career he has “always been associated with premium, iconic brands.” Before Hartmann—which represents Rymax in special markets—Brenner held senior sales positions at Neiman Marcus and Macys. “Regardless of the economy, you have to incent employees, you have to recognize employees,” Brenner said. “We provide amazing brands at every price and budget level. My goal is to provide superior service,” he added, noting that in this economy, it is more important than ever to become buyercentric. “We translate that to our reseller partners so they can win business,” he said. “We are the silent partner. We are the Wizard of Oz—the man behind the curtain that makes them look bigger and better. Regardless of the economy, we can direct them to appropriate products, even though their budgets have changed. That is what I am trying to refocus [Rymax] on. If we can provide our reseller partners great brands at a fair price, and combine that with comfort through our commitment to their success, 50 | Incentive | July 2009 | incentivemag.com http://www.incentivemag.com

Table of Contents for the Digital Edition of Incentive - July 2009

Incentive - July 2009
Contents
Editor’s Note: Motivation 2.0
Headlines
Cover Story: Four Industry Veterans Put the State of Motivation into Perspective
The True Face of Incentives
Orlando Summit: Road Warriors
Strategies: Survive and Thrive
Primer: Online Systems
Travel News: Where To Go
Reno/Tahoe Rebirth; Atlantic City Aces
Scotland’s Other City
Hong Kong Calling
Potentials: Here and Now
Watches & Clocks: Old Is New Again
Writing Instruments: The Write Award
Golf Meetings
Planning a Golf Meeting, 101
Formats, Games, Prizes, and the Awards Ceremony
The How, What, Why, and Win of Hole-in-one Insurance
How the PGA Professional Can Help Your Meeting Plans
A Woman's View of Golf
Opinion: The (New) Perception of Golf Resorts
In Closing: Boondoggle is Not Part of the Golf Vocabulary

Incentive - July 2009