Eddie Bauer, best known for rugged outerwear and tough-as-nails gear, opened in 1920 in Seattle, expanding to close to 370 stores throughout the U.S. and Canada. But now, after almost nine decades in the retail business, the outdoor clothing giant may be facing bankruptcy.

Earlier this year, we reported that the company was trying to revamp its image, but apparently, authentic mountain-climbing clothes weren't enough to put EB back in the black.

USA Today reports that Eddie Bauer has experienced losses over the past three years, which, in addition to some serious debt, puts the company's future in peril. Tuesday, Eddie Bauer shares dropped to half their value, plunging to 24 cents in Nasdaq Stock Market trading, topping off a loss of 54 percent this year.

Several parties have expressed interest in acquiring the company, but no offers have been officially made.

Has Eddie Bauer Peaked? Stay tuned.