- Amended Statement of Ownership (SC 13G/A)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Eddie Bauer Holdings, Inc.

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(Name of Issuer)

Common Stock, par value $0.01 per share

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(Title of Class of Securities)

071625107

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(CUSIP Number)

December 31, 2008

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(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
13G is filed:

[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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CUSIP No. 071625107 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): Jonathan Gallen -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: United States -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 1,500,000* ------------------------------------- (6) Shared Voting Power: 0 ------------------------------------- (7) Sole Dispositive Power: 1,500,000* ------------------------------------- (8) Shared Dispositive Power: 0 ------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 1,500,000* -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): N/A -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 4.9%* -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): IA, IN -------------------------------------------------------------------------------- * Based on 30,824,275 shares of common stock, par value $0.01 per share (the "Shares"), of Eddie Bauer Holdings, Inc. (the "Company"), outstanding as of November 3, 2008, as disclosed in the Company's quarterly report on Form 10-Q for the quarter ended September 27, 2008. As of December 31, 2008, Ahab Opportunities, L.P. ("Opportunities") and Ahab Opportunities, Ltd. ("Opportunities International") held in the aggregate 1,500,000 Shares. Jonathan Gallen possesses sole power to vote and direct the disposition of all securities of the Company held by Opportunities and Opportunities International. Accordingly, for the purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, Mr. Gallen is deemed to beneficially own 1,500,000 Shares, or 4.9% of the Shares deemed issued and outstanding as of December 31, 2008.

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Item 1(a). Name Of Issuer: Eddie Bauer Holdings, Inc.

Item 1(b). Address of Issuer's Principal Executive Offices:
10401 NE 8th Street, Suite 500, Bellevue, WA 98004

Item 2(a). Name of Person Filing: Jonathan Gallen

Item 2(b). Address of Principal Business Office or, if None, Residence:
299 Park Avenue, 17th Floor, New York, New York 10171

Item 2(c). Citizenship: United States

Item 2(d). Title of Class of Securities: Common Stock, par value $0.01
per share

Item 2(e). CUSIP No.: 071625107

Item 3. If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or
240.13d-2(b) or (c), check whether the Person Filing is a:

Not applicable.

Item 4. Ownership (a) Amount Beneficially Owned (as of December 31, 2008): 1,500,000* (b) Percent of Class (as of December 31, 2008): 4.9%* (c) Number of Shares as to which the person has: (i) sole power to vote or to direct the vote 1,500,000* (ii) shared power to vote or to direct the vote 0 (iii) sole power to dispose or to direct the disposition of 1,500,000* (iv) shared power to dispose or to direct the disposition of 0 ----------------------

* Based on 30,824,275 shares of common stock, par value $0.01 per share (the "Shares"), of Eddie Bauer Holdings, Inc. (the "Company"), outstanding as of November 3, 2008, as disclosed in the Company's quarterly report on Form 10-Q for the quarter ended September 27, 2008. As of December 31, 2008, Ahab Opportunities, L.P. ("Opportunities") and Ahab Opportunities, Ltd. ("Opportunities International") held in the aggregate 1,500,000 Shares. Jonathan Gallen possesses sole power to vote and direct the disposition of all securities of the Company held by Opportunities and Opportunities International. Accordingly, for the purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, Mr. Gallen is deemed to beneficially own 1,500,000 Shares, or 4.9% of the Shares deemed issued and outstanding as of December 31, 2008.

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Item 5. Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X].

Item 6. Ownership of More Than Five Percent on Behalf of Another Person

Not Applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or Control Person

Not Applicable.

Item 8. Identification and Classification of Members of the Group

Not Applicable.

Item 9. Notice of Dissolution of Group

Not Applicable.

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

February 17, 2009

/s/ Jonathan Gallen ------------------------------------------ Jonathan Gallen, in his capacity as the investment manager for Ahab Opportunities, L.P. and Ahab Opportunities, Ltd.

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)