Following in the footsteps of Kmart and FAO Inc., archive buyer and ancestor of the Eddie Bauer chain, Spiegel, filed for defalcation bygone but vowed to abide in business. Already the arch name in the mail-order world, 98-year-old Spiegel was accedence beneath $1.
7 billion in debt, sales declines at Eddie Bauer and accumulated losses of added than $720 actor over the aftermost two years. Sales fell 18% aftermost year and 9% the year before. Much of the accepted banking agitation for the aggregation that additionally owns the Newport News archive stems from its acclaim agenda business, which suffered due to a ample cardinal of contributed bills. Aftermost week, Spiegel chock-full accepting its own private-label acclaim cards at Eddie Bauer food and for purchases from its catalogues, and warned defalcation was approaching if it didn’t acquisition new financing. Some experts trace Spiegel’s abatement to the 1988 acquirement of Bauer, already an aristocratic abundance for outdoorsmen, which Spiegel took mass-market. There are now 560 Eddie Bauer food and abatement outlets, but critics say the alternation is disturbing to acquisition its own appearance direction. After filing for defalcation yesterday, Spiegel said Bank of America and Fleet Retail Finance were accouterment debtor-in-posession financing. “Filing for defalcation assuredly allows Spiegel to get its abode in order,” said St. John’s University law assistant Bob Zinman. With debtor-in-possession financing, Spiegel charcoal in ascendancy of the business, Zinman added. Spiegel is majority endemic by Germany’s Otto family, which owns a above mail-order empire. Meanwhile, the aggregation said it’s business as accepted at its Eddie Bauer food and its catalogues. Gift certificates and credits were actuality accustomed and “its acknowledgment and barter behavior will not be afflicted by the filing,” Spiegel said. Spiegel, like abounding added retailers, suffered during the contempo anniversary division – the affliction in years as bread-and-er woes and growing unemployment kept shoppers’ spending in check. Spiegel joins a growing account of athletic retail names that accept afresh filed for bankruptcy. Kmart filed the better defalcation in retail history in January 2002 amidst crumbling sales and angry antagonism from Wal-Mart and Target. This year, toy abundance accumulation FAO, which runs FAO Schwarz and Zainy Brainy, and Today’s Man filed for Chapter 11 protection. Meanwhile, boxy times for retailers continue. Wal-Mart again beforehand projections for same-store sales advance this ages to be alone in the low-single digits. Federated, which owns Macy’s Bloomingdale’s, additionally reaffirmed its bump of a 3% to 4% abatement at food accessible at atomic one year. J.
C. Penney said its administration food ability appear in beneath expectations of little change or a slight decline.
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