After filing for bankruptcy protection a month ago, Eddie Bauer Holdings Inc. (OTC: EBHIQ) is already seeing the suitors line up. Iconix Brand Group Inc. (NASDAQ: ICON), which owns Rocawear, is showing some interest. Hilco Consumer Capital and Gordon Brothers Group LLC are also looking to make a joint offer for the embattled clothing retailer, and Golden Gate Capital is said to be interested. Hudson Capital Partners LLC may throw its hat in the ring, as well.

Tomorrow's the bidding deadline, and there's an auction lined up for Eddie Bauer's assets on Thursday.

Already in the game, CCMP Capital Advisors ponied up $202 million in a "stalking horse bid," meaning that it will make the acquisition if nobody else beats its offer.

For now, Bauer's is living on borrowed time -- and cash. The company got court permission to take a loan for $100 million to keep the operation moving until an acquisition or auction is complete.

The private equity firms rumored to be eyeing Eddie Bauer have retail and apparel companies in their portfolios, which suggests a possibility that the company could be turned around with the right investment and management team. If not, I wonder if they'll sell the window decorations at the auction . . . always wanted my living room to look like a mall.

Linens N' Things was one of the first retail-sector casualties of the recession, with the home-goods chain filing for bankruptcy protection last May. However, fans of the retailer now have cause to celebrate -- Hilco Consumer Capital and Gordon Brothers Brands LLC announced today that they will relaunch Linens N' Things early this year, after a joint venture between the two firms acquired the chain's intellectual property rights.

I have stated numerous times that in our system of capitalism, killing a company is almost impossible to do. It just doesn't happen very often, especially with older companies with deep roots.

Years of losses, shrinking markets, and a failed business strategy matter little. If there is a will, there is a way. Until the credit crisis in November, there was always a way to raise needed capital to keep the dream alive.

A great example of this is Nortel Networks Corporation (NYSE: NT). The giant telecommunication networking firm was a darling for investors during the dot-com boom. In early 2000, the stock peaked at close to $1,000 per share on a split adjusted basis.

As the crash unfolded, NT collapsed. By the end of 2002, NT was a stock on life support and trading for pennies a share (pre split). At the time, the company was bleeding cash and facing an entirely different market for its products and services.

I guess I'm a bit old school, but I like the idea of walking to my mailbox to get my newspaper. I even like the feel of the ink that bleeds onto my fingers, but I recognize that I'm a bit unique.

Too unique, actually, and that is a problem for the newspaper business.

Yesterday, we learned that the old Tribune Company, privately owned by billionaire Sam Zell, is filing for protection under bankruptcy law. The company is drowning in a sea of debt and trying frantically to sell assets in order to raise cash.

It is obvious to management that subscriptions and advertising revenue will not be enough to pay off debt. The company will need to work with creditors on delaying principle and interest payments while it raises cash.

With the advent of the Internet and explosion of cable news networks, little old print media is going the way of the buggy whip.

Across the newspaper business, circulations have been falling for many moons and advertising dollars are taking their business elsewhere. Losses have been piling up, making it difficult to pay down debt used to consolidate the industry.

It's a complete mess.