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Article: Catalogue Icon Spiegel Files for Bankruptcy Protection
- Article from:
- The Washington Post
- Article date:
- March 18, 2003
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Spiegel Inc., one of the nation's oldest catalogue operators and
owner of the Eddie Bauer clothing chain, filed for bankruptcy
protection yesterday after its credit card business failed, its debts
mounted and sales at its three divisions suffered.
In documents filed with U.S. Bankruptcy Court in Manhattan, the
retailer listed $1.71 billion in debts and $1.74 billion in assets.
The company, based in Downers Grove, Ill., has arranged for $400
million in financing to keep its catalogue operations and stores
running during reorganization.
The company's troubles were largely linked to its credit card
business, which it has been trying to sell for more than a year. To
boost sales, the retailer ...