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SEC Revokes Spiegel's Stock Registration

Shares of the catalog and retail company, which is selling off assets to pay creditors, can no longer be traded publicly.

July 27, 2004|From Dow Jones/Associated Press

The Securities and Exchange Commission has revoked Spiegel Inc.'s stock registration so the retailer's shares can no longer be publicly traded, the company said Monday.

Spiegel, which filed for Chapter 11 bankruptcy protection from its creditors in March 2003, is no longer required to file quarterly or annual reports as a result of the SEC order.

The company is selling off its assets -- including the Eddie Bauer outdoor-clothing business that accounts for most of its revenue -- to pay back creditors.

The retailer already has sold its Spiegel catalog and Newport News apparel businesses for about $60 million total.

Spiegel, based in Downers Grove, Ill., filed for bankruptcy protection shortly after the SEC brought a civil action in connection with its failure to file quarterly reports for more than a year.

Last September, an examiner appointed by the federal Bankruptcy Court in New York issued a report accusing Spiegel of engaging in a host of improper activities, including failing to provide investors with material financial information.

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