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Spiegel to create new PL credit card

Downers Grove, IL — Troubled Spiegel Group has reached an agreement with Alliance Data Systems to create a new private label credit card program for the group's merchant divisions: Eddie Bauer, Spiegel Catalog and Newport News.

The agreement will not be effective unless the bankruptcy court grants approval. If approved, there will be no transfer of existing receivables from Spiegel's prior credit card programs. In mid-March, Spiegel announced that its private label card would no longer be accepted by its subsidiary divisions. The company filed for bankruptcy shortly thereafter.

Alliance will begin offering the new cards to Eddie Bauer, Spiegel and Newport News customers in early May and will follow up with a series of targeted credit marketing programs later in the month. Alliance will administer all functions related to the program.

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