The Spiegel Group reported close to $400 million in net losses for the year yesterday and said it will sell its credit card business.
The credit card business includes Spiegel’s First Consumers National Bank subsidiary. To continue to provide private-label credit card programs to its customers the company plans to form a relationship with a third-party marketer.
Spiegel attributed its loss to aggressive growth of its credit card business, which extended credit to higher-risk markets during 1999 and 2000. Starting in fourth-quarter 2000, Spiegel
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