Spiegel gets OK to sell Newport

By Staff -- Home Textiles Today, 5/21/2004 12:00:00 AM

DOWNERS GROVE, Ill. — Embattled catalog retailer Spiegel Inc., working its way through a painful bankruptcy and a gradual dismembering of its retail 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.

Separately, in a further winding down of operations, Spiegel put up for sale its profitable Eddie Bauer division.