US catalogue retailer Spiegel has filed for bankruptcy protection.
Spiegel, owner of the Eddie Bauer apparel chain, told a Manhattan bankruptcy court it has $1.71 billion (€1.61bn; £1.1bn) in debts and $1.74bn in assets.
The group is one of the oldest names in the catalogue industry. As well as its eponymous brochure, it also owns Newport News, an online and catalogue fashion retailer.
However, Spiegel’s problems stem from its credit card business, which reportedly tried to raise sales by taking on borrowers with risky credit ratings.
The company has organised $400 million of funds to keep its catalogue and store activities afloat as it attempts to restructure.
Data sourced from: Washington Post Online; additional content by WARC staff
