May 12, 2003-- Home Textiles Today,
Spiegel DIP OK'd, prepares to slash positions
The Spiegel Group said it will cut approximately 635 positions as it restructures its Eddie Bauer headquarters organization, realigns its corporate information services and closes down a Northwestern service center. In the meanwhile, a bankruptcy court has approved $400 million in DIP financing to fund its operations during restructuring. While rival cataloger L.L. Bean considers acquiring Spiegel's Eddie Bauer operation, the division will cut 180 positions at its headquarters in Redmond, WA, the company said.
Also being cut are 90 associates in Spiegel's Chicago-area data center and headquarters. In addition, Spiegel will shutter by July 6 its teleservices division in Bothell, WA, which employs 365 people. The company said there is sufficient capacity in its other call centers to handle work previously done in Bothell. The remaining centers are located in Rapid City, SD; Hampton, VA; Saint John, New Brunswick; and Sydney, Nova Scotia.
Giles ascends further at LNT
Bill Giles has been promoted to executive vp, cfo, at Linens 'n Things, from his position of vp, cfo. He continues to report to Norman Axelrod, chairman and ceo.
Giles joined the retailer in 1991 as assistant controller, and then was promoted to vp, finance and controller in 1994, and then to vp, cfo in 1997.
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