Spiegel Delayed Filing Annual Report, Warning at Executive Request: Reports
The Spiegel Group delayed filing its 2001 10-K report at the behest of company officials based in Germany, an independent investigator said, according to published reports.
As a result, the company did not release an assessment by auditor KPMG spelling out concerns about the cataloger/retailer’s ability to continue operations. Spiegel filed for Chapter 11 bankruptcy protection on March 17.
On Monday, The Downers Grove, IL-based firm issued a statement indicating that the investigator had turned his report into the U.S. District Court in Chicago, and that the company would not comment on either the report or the investigation.
Spiegel did not file its 2001 10-K with the Securities and Exchange Commission until February of this year, when the Court assigned Stephen J. Crimmins of the law firm Pepper Hamilton LLP, to investigate the firm, reports said.
The company, which operates Eddie Bauer and Newport News as well as its flagship catalog, began to solicit offers for the Newport News business last week. Spiegel is controlled by Michael Otto, who is a member of Spiegel’s board of executives, and members of his family.
