A 25% drop in direct sales contributed to a 21% revenue decline for The Spiegel Group last month.
The firm reported sales of $149.6 million for the four weeks ended Aug. 24, compared with $188.7 million for the same period last year.
Retail sales decreased by 16%. Online sales were even.
The firm’s Spiegel catalog division experienced a sales decline of 33%. Sales fell by 26% at Newport News and by 13% at Eddie Bauer.
Downers Grove, Il-based Spiegel has been in financial turmoil caused by high delinquencies on its private label credit cards.
Earlier this year, parent, German cataloger Otto Versand helped it out with a $160 million cash infusion and sent in some executives to try and turn the company around. DIRECT, June 1).
In June, the Spiegel’s stock was delisted from Nasdaq in June because Spiegel had missed some deadlines for filing financial statements (DIRECT Newsline, June 3). the stock is still delisted from Nasdaq and has not been re-listed on the exchange, said spokesperson Debbie Koopman.
Since June. the firm has been trading through Pink Sheets, a system used for trading over-the-counter stocks.
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