Prospective bidders have until June 11 to submit bids for the Spiegel Catalog business.
On May 24, Downers Grove, IL-based Spiegel agreed to sell its flagship catalog to Pangea Holdings for about $53.4 million in the form of $22 million in inventory commitments, $29.4 million in assumed liabilities, and $2 million in cash. As it did when it agreed to buy Newport News, Pangea represents the “stalking horse” bidder. Bids must exceed Pangea’s by at least $300,000. If other bids are made, the bankruptcy court is expected to hold a public auction on June 15.
Interested bidders should contact Stuart Erickson, principal at Miller Buckfire Lewis Ying & Co., at 212-895-1812.