Court Approves Spiegel Catalog Sale

Jun 16, 2004 3:05 AM  By

Pangea Holdings, which bought the Newport News catalog from the bankrupt Spiegel in May, had its bid for Spiegel’s flagship catalog approved in bankruptcy court on June 15. The deal could close by the end of this month.

Pangea on May 24 placed a “stalking horse” bid for Spiegel Catalog of $53.4 million in the form of $22 million in inventory commitments, $29.4 million in assumed liabilities, and $2 million in cash. Because there was no qualified overbid placed on June 15 in bankruptcy court, the bid was approved.

“It’s an important step as we move forward in our plan of reorganization,” says Spiegel spokesperson Debbie Koopman. Pangea Holdings is run by Christian Feuer, formerly Spiegel Catalog’s vice president of marketing and advertising production, and two partners based in China.