The Spiegel Group’s Class A common stock was delisted yesterday from the Nasdaq National Market System based on the company’s filing delinquencies and other public interest concerns, the company said.
The company did not release a specific time frame but said that it plans to file its Form 10-K fiscal 2001 annual report and its first quarter 2002 Form 10-Q when it has reached an agreement with its bank group to restructure its existing credit facilities, the company said.
“Our discussions are far advanced, the lead banks and the overwhelming majority of the bank group are in favor of the proposed agreement,” Jim Cannataro, executive vice president and CFO said in a statement.
Spiegel announced in February that it planned to sell its credit card unit, First Consumers National Bank, following skyrocketing delinquency rates.
In a preliminary earnings statement, Spiegel predicted a $397 million net loss in fiscal 2001, compared with net earnings of $120.8 million in 2000. In addition, revenue slipped from $3.35 billion to $3.08 billion.
Otto Versand, the German catalog company, is the majority shareholder in The Spiegel Group and has continued to support Spiegel with funding and management expertise.
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