Casual wear retailer Eddie Bauer Holdings might go back up for sale again after failing to turn around its flagging business.

Bauer was taken off the auction block 15 months ago by bankrupt parent company Spiegel, which didn't get the price it wanted, and has since emerged from bankruptcy as Eddie Bauer Holdings.

The company said it would explore possibilities, including a sale, to increase shareholder value. It has has retained Goldman, Sachs & Co to evaluate and assist with a possible sale.

"There can be no assurance regarding the timing of, or whether, this process will result in any sale or other transaction," the company said, adding that it did not plan to give updates or further comment until a decision had been made.

Eddie Bauer sells casual sportswear and accessories for the 'modern outdoor lifestyle'.