Financing Approved for Spiegel Bankruptcy Exit

Spiegel Inc. received court approval to accept a $300 million loan to enable it to exit bankruptcy. Affiliates of GE Commercial Finance, JPMorgan, and Credit Suisse First Boston are providing the loan.

The parent company of apparel cataloger/retailer Eddie Bauer, Spiegel filed for Chapter 11 in March 2003. It subsequently sold its namesake general merchandise catalog and its Newport News women’s apparel catalog. The company now plans to shut its Eddie Bauer Home stores; it will continue to sell men’s and women’s clothing through its 418 stores, its catalog, and the Internet.

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