Eddie Bauer announced today that it had completed the sale of its assets to Golden Gate Capital of San Francisco for $286 million in cash.

The Bellevue-based retailer will operate as a newly formed company while keeping most of its stores and employees.

A statement from Eddie Bauer said the company will emerge from the deal with a stronger balance sheet, little or no long-term debt, and a lower cost structure.

“We look forward to an exciting new chapter in the Eddie Bauer story,” said company President and CEO Neil Fiske.

Golden Gate, which put in the top bid for Eddie Bauer at a bankruptcy auction last month, has said it will support the mission that was already in progress to restore the brand to its outdoor roots.

Golden Gate since 2003 has acquired 20 companies representing combined sales of $4 billion and 1,250 stores. Its apparel companies include Express, J. Jill, and Orchard.

The firm also has investments in the Macaroni Grill restaurant chain, the Apogee thrift store chain, and Lexicon Marketing, which does direct marketing aimed at U.S. Hispanics.

“While each of our portfolio companies operates independently, we believe our scale and partnership with our management teams will power each of the individual companies and the portfolio to greater and greater successes,” said Golden Gate Managing Director Stefan Kaluzny.