Private equity firm Golden Gate Capital has agreed to buy Eddie Bauer Holdings for $286m (£172.9m) in cash after an auction for the bankrupt US outdoor and fashion retailer. US-based Golden Gate said that it has agreed to keep open most of Bauer’s 370 stores in the US and Canada.

Bauer, which was established in 1920 in Seattle, filed for bankruptcy in June. It became famous for making flight jackets in World War II and coats used by the first American team to scale Mount Everest in the 1960s.