Beginning next month, Spiegel Group intends to close all of its Spiegel outlet and clearance stores and Newport News outlet stores as part of its reorganization efforts. These stores will remain open pending approval of the bankruptcy court and until the related store-closing inventory sales are completed.
The company, which is in chapter 11 bankruptcy protection, anticipates that the store closures and its modified inventory clearance process will improve operating income by about $11 million on an annualized basis.