ROLEX DEPARTURE: Martha Nype Webster has left Rolex Watch USA, sources told WWD. Company executives could not be reached for comment. Webster spent 19 years at W magazine, rising to vice president and corporate publisher for fine jewelry and watches before moving to Rolex as director of communications in 2001, where she oversaw all advertising, marketing and public relations in the U.S. Webster, who is married to Roberto Coin’s U.S. president, Peter Webster, could not be reached for comment at press time.

SPIEGEL’S DWINDLING OPTIONS:Distressed catalog marketer Spiegel Group said Tuesday it expects to file for Chapter 11 bankruptcy protection "in the near future," unless it is able to quickly find alternative sources of financing. Spiegel made the acknowledgement in connection with its disclosure that, because of a payout, or early amortization, an event triggered by its inability to meet certain minimum-performance criteria on several asset-backed notes, monthly excess cash flow will be diverted to repay principal to investors of certain of its securitized transactions that underlie its credit card business. As reported, Spiegel’s special-purpose bank subsidiary First Consumers National Bank on March 7 discontinued charging privileges on all of its MasterCard and Visa accounts. FCNB also has discontinued reimbursing Eddie Bauer, Spiegel Catalog and Newport News for charges made with the private label credit cards it issued to the Spiegel-related firms.

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