Court Approves Spiegel Catalog Sale

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.

Partner Content

The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.