Spiegel Brands, Inc., perhaps best known for its Spiegel catalog that helped dress fashionable women for decades, has a new owner, Signature Styles, LLC, a newly-formed company controlled by investment funds managed by Patriarch Partners, LLC.
The deal includes all of Spiegel Brand’s operating assets and affiliates.
Spiegel filed for bankruptcy protection in 2003 and has had a number of owners of late. In September 2008, an investor group led by Granite Creek Partners purchased the company from Catalog Holdings, a Portfolio Co. of Golden Gate Capital.
"We are excited to write a new chapter in the great history of this iconic American brand. Spiegel is the Yellow Pages of catalogs; the Spiegel catalog has been a staple in American households for decades," Patriarch CEO Lynn Tilton, said in a statement.
Until 2005, Spiegel owned Eddie Bauer, which filed for bankruptcy protection earlier this week. Eddie Bauer plans to sell most of its assets to private-equity firm CCMP Capital Advisors for $202 million; the sale is open to other bidders according to bankruptcy law.
"Today is a great day for our company. Today we move forward and leave recent financial troubles behind," Spiegel CEO Geralynn Madonna said in a release. "We look forward to continuing to serve our dedicated customers, honoring gift cards and continuing club loyalty programs."
Spiegel sells all types of apparel directly to customers under the Spiegel, Newport News, and Shape fx brands. The firm mailed its first catalog to women in 1905.
