NEW YORK — Stung by obligations connected to its credit card operations, Spiegel Inc. said in a regulatory filing Tuesday that it may not have sufficient funds for future operations and is actively seeking help.
According to the latest SEC filing, Spiegel is anticipating a liquidity crunch as a result of its inability to meet certain minimum-performance requirements in connection with some of its asset-backed securities transactions that underlie its credit card operations. First Consumers National Bank (FCNB), Spiegel’s special-purpose bank, issues private label credit cards and both MasterCard and Visa bank cards. About 41 percent of the company’s sales in 2001 were made via its private label credit cards.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"