How Spiegel Recovered

What's more, Spiegel Brands reduced its fixed overhead on an annualized basis by $36 million, achieved by restructuring the call center function, centralizing its IT platform and consolidating warehouse functions between July and November 2004. "November was when we became completely free of any infrastructure left by Otto," she says, referring to the Otto family, the former majority owner, which also owns the majority of German direct marketing giant Otto Versand.