Cataloger and retailer Spiegel has missed operating performance goals, and as such is being required to end its bankcard operations, according to papers filed with the Securities and Exchange Commission on Feb. 25.
The filing also noted that Spiegel “may not have sufficient fund to finance its operations beginning in the near future and thereafter,” and that it is “taking steps to engage the services of restructuring advisors.”
Spiegel had issued private label credit cards through First Consumers National Bank (FCNB). As part of the liquidation process, Spiegel will replace FCNB as the program
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