The AP reports: Clothing retailer Eddie Bauer Holdings Inc. filed on Wednesday for Chapter 11 bankruptcy court protection, the latest retail casualty of the recession. They are trying to restructure but are hoping to be sold. They are yet another retailer to fall prey to the economy as other retailers have already buried the hatchet like Linen's and Things, Mervyns, Circuit City and Filene's Basement. They NYT reports: the company blamed much of its debt load to loans it took on when its onetime parent company, Spiegel, filed for bankruptcy in 2003. Eddie Bauer took on $300 million in debt, as well as Spiegel’s benefits and pension plans. The retailer said that about 50 percent of its earnings now go toward paying down that debt. Anyway you wear this ( get it?) it does not look good. You could say this is just a case of survival of the fittest but it certainly makes for a scary outlook on today's economy and just where things might be headed. With the unemployment rate at 9.4% the highest since 1983 it's easy to understand why many are taking a very pessimistic view on their financial future. The joke is: if your friend loses his job it's a recession, when YOU lose your job it's a depression. One can only pray to the almighty that things will turn around.