Spiegel catalog
Encyclopedia
Spiegel is one of the USA's leading direct marketing (or catalog) companies. Spiegel began as a "wareroom" in downtown Chicago; it is a US$3 billion, international, tri-channel, specialty retailer.
Spiegel's founder, the German-born and Forty-Eighters
Joseph Spiegel, started a home furnishings company in Chicago in April 1865, just after the end of the Civil War
. Spiegel eventually became one of the most important firms in the mail-order industry.
In 1904, Joseph and his son, Arthur, switched to mail order. Spiegel mailed its first catalog in 1905. By 1925, it had 10 million customers.
Before the Great Depression began, Spiegel (which then sold womens' clothing as well as furniture) was selling over $20 million yearly through the mail. A strategy of generous consumer credit, low prices, and high volume allowed Spiegel to accomplish the remarkable feat of expanding its operations during the Great Depression.
In 1982, Spiegel was bought by Michael Otto
, who took it public in 1987. In 1988, Spiegel Inc. bought Honeybee Inc., a New York women's apparel chain. Spiegel closed the 17-store retail division of its Honeybee subsidiary in February 1992. In March 2003, Spiegel Inc. filed for reorganization under the bankruptcy code
. The next year, the Spiegel and Newport News catalog businesses were sold to a group headed by Golden Gate Capital Partners
and Pangea Holdings Ltd., while the reorganizing company retained its Eddie Bauer
unit and eventually assumed its name. Since 2004, Spiegel and the women's fashion catalog Newport News have operated under the name Spiegel Brands, Inc. In 2008 Spiegel was sold to an investment group led by Granite Creek Partners. In June 2009, Spiegel became a Lynn Tilton
company when it was sold to the private equity fund
Patriarch Partners, LLC.
Spiegel once operated freestanding department stores. Prizes from the Spiegel catalog were featured on many television game shows in the 1970s, and the tagline "Spiegel, Chicago 60609" (the company's ZIP code
) was well known.
Spiegel's founder, the German-born and Forty-Eighters
Forty-Eighters
The Forty-Eighters were Europeans who participated in or supported the revolutions of 1848 that swept Europe. In Germany, the Forty-Eighters favored unification of the German people, a more democratic government, and guarantees of human rights...
Joseph Spiegel, started a home furnishings company in Chicago in April 1865, just after the end of the Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
. Spiegel eventually became one of the most important firms in the mail-order industry.
In 1904, Joseph and his son, Arthur, switched to mail order. Spiegel mailed its first catalog in 1905. By 1925, it had 10 million customers.
Before the Great Depression began, Spiegel (which then sold womens' clothing as well as furniture) was selling over $20 million yearly through the mail. A strategy of generous consumer credit, low prices, and high volume allowed Spiegel to accomplish the remarkable feat of expanding its operations during the Great Depression.
In 1982, Spiegel was bought by Michael Otto
Michael Otto
Michael Otto , is the head of German Otto Group, the world's largest mail order company, with US$24 billion in sales in fiscal year 2003...
, who took it public in 1987. In 1988, Spiegel Inc. bought Honeybee Inc., a New York women's apparel chain. Spiegel closed the 17-store retail division of its Honeybee subsidiary in February 1992. In March 2003, Spiegel Inc. filed for reorganization under the bankruptcy code
Bankruptcy in the United States
Bankruptcy in the United States is governed under the United States Constitution which authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States." Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy...
. The next year, the Spiegel and Newport News catalog businesses were sold to a group headed by Golden Gate Capital Partners
Golden Gate Capital Partners
Golden Gate Capital Partners is a private equity firm based in San Francisco, California. The firm makes investments primarily in mature technology companies, as well as other select industries, through leveraged buyout transactions as well as significant minority purchases and growth capital...
and Pangea Holdings Ltd., while the reorganizing company retained its Eddie Bauer
Eddie Bauer
Eddie Bauer Holdings Inc. is a holding company that operates the Eddie Bauer clothing store chain, headquartered in Bellevue, Washington, United States. EBH was formed after Eddie Bauer's former parent company, Spiegel, Inc., went bankrupt in 2003...
unit and eventually assumed its name. Since 2004, Spiegel and the women's fashion catalog Newport News have operated under the name Spiegel Brands, Inc. In 2008 Spiegel was sold to an investment group led by Granite Creek Partners. In June 2009, Spiegel became a Lynn Tilton
Lynn Tilton
Lynn Tilton is an American trader, investor and industrialist.Tilton is Chief Executive Officer and sole principal of Patriarch Partners, LLC and its affiliated entities, a private equity firm managing US$7 billion in assets...
company when it was sold to the private equity fund
Private equity fund
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
Patriarch Partners, LLC.
Spiegel once operated freestanding department stores. Prizes from the Spiegel catalog were featured on many television game shows in the 1970s, and the tagline "Spiegel, Chicago 60609" (the company's ZIP code
ZIP Code
ZIP codes are a system of postal codes used by the United States Postal Service since 1963. The term ZIP, an acronym for Zone Improvement Plan, is properly written in capital letters and was chosen to suggest that the mail travels more efficiently, and therefore more quickly, when senders use the...
) was well known.
See also
- Eddie Bauer HoldingsEddie BauerEddie Bauer Holdings Inc. is a holding company that operates the Eddie Bauer clothing store chain, headquartered in Bellevue, Washington, United States. EBH was formed after Eddie Bauer's former parent company, Spiegel, Inc., went bankrupt in 2003...
, previously Spiegel, Inc. until 2003 bankruptcy - Google Books: Joseph Spiegel Entrepreneur magazine encyclopedia of entrepreneurs, page 432
External links
- Spiegel website
- 145th Anniversary in April 2010.