Financially troubled retailer Spiegel Group has put its Eddie Bauer apparel unit up for sale.

The move, which according to analysts could fetch up to $800 million, comes after Spiegel failed to strike a deal with creditors to restructure the company.

Recently, Spiegel has taken a number of steps to strengthen Eddie Bauer's financial performance, including closing underperforming stores and cutting jobs.

"We've made significant progress the last year and a half," Eddie Bauer CEO Fabian Mansson said.

"We could do even better with someone with the right take on the business, from either a strategic or financial perspective."

Eddie Bauer boasts 437 stores across the United States and an internet business, which together generated $1.3 billion in sales last year.

"The proposed transaction includes the Eddie Bauer business and certain support operations," Spiegel spokeswoman Deborah Koopman said of the sale.

"Someone could buy all of those or certain parts, but we think the way we've structured the deal has the greatest appeal to the broadest range of potential purchasers."

Illinois-based Spiegel is currently operating under Chapter 11 bankruptcy protection.