NEW YORK — Bankrupt Spiegel Inc. reported wider losses for the first quarter in a regulatory filing with the Securities and Exchange Commission on Thursday.
This story first appeared in the May 16, 2003 issue of WWD. Subscribe Today.
The distressed firm posted a net loss of $131 million, or 99 cents, for the three months ended March 29, compared with a $43.3 million loss, or 33 cents, in the year-ago quarter. Total revenues fell 29.8 percent to $433.4 million from $617 million. Revenues include a 23 percent decline in sales to $413.6 million from $537 million, a loss of $31.1 million in finance revenue compared with $12.9 million last year and a 25 percent drop in other revenue to $50.9 million from $67.2 million.
As reported, the company — which includes the Spiegel, Newport News and Eddie Bauer nameplates — filed its Chapter 11 petition for bankruptcy court protection in March.
The company said in the SEC filing that four shareholder lawsuits were filed between December 2002 and January 2003 in a Chicago district court against current and former officers regarding alleged securities law violations. It also recapped, as reported, the status of the SEC investigation and the shutting down of FCNB, which operated its private label credit card, following Spiegel’s agreement with the Office of the Comptroller of the Currency.
In a separate SEC filing the same day, Spiegel reported 2002 yearend results for the period ended Dec. 28. The loss was $678.7 million, or $5.14 a share, compared with a loss of $587.5 million, or $4.45, in 2001. Total revenues fell to $2.05 billion from $2.97 billion.