Spiegel gets OK to sell Newport unit
May 18, 2004,
DOWNERS GROVE, Ill. — Embattled catalog retailer Spiegel Inc., working its way through a painful bankruptcy and a sweeping overhaul of its operations, has received a green light from a U.S. bankruptcy court judge to sell its Newport News women's fashion unit.
Spiegel said it's selling the Newport News unit to Pangea Holdings Ltd., an investment company, for $28.6 million. A month ago, Spiegel put up for sale its profitable Eddie Bauer division.
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