The Spiegel Group reported sales of $120.1 million for the four weeks ended Feb. 22, off 23% from $156.6 million last year.
Total direct sales decreased 30% compared to last year. The Downers Grove, IL firm attributed this to a planned reduction in catalog circulation and weak customer demand.
This news comes on the heels of a Securities and Exchange Commission forcing Spiegel to shut down its credit card operations and reports that its third quarter net loss grew from $12.3 million to $40.5 million (DIRECT Newsline, Feb. 27).
Last week, CEO Martin Zaepfel, who was put in place by Spiegel’s German parent Otto Versand two years ago, retired and was replaced by William Kosturos, a managing director at turnaround firm Alvarez & Marsal.
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