How Spiegel Recovered

4. The Spiegel Group emerged from Chapter 11 last year as Eddie Bauer Holdings, and continues to operate the Eddie Bauer division today.

Kevin Silverman, managing partner with the Chicago-based investment management firm Two Rivers Capital Management, reflects on Spiegel's credit-related problems of the early 2000s: "You had these two camps that seemed to be working at odds with one another — the catalog people and the credit people."