In its second-largest acquisition, Amazon buys the company for $970 million.
Funded by investment firm Patriarch Partners, Signature Styles will operate the web sites and catalogs of Spiegel, Newport News and Shape fx.
Signature Styles LLC, a newly formed unit of private investment firm Patriarch Partners LLC, has acquired the operating assets of Spiegel Brands Inc., including the brands Spiegel, Newport News and Shape fx and their associated catalogs and web sites.
“We are excited to write a new chapter in the great history of the iconic American brand,” says Patriarch CEO Lynn Tilton. “Spiegel is the Yellow Pages of catalogs; the Spiegel catalog has been a staple in American households for decades. We intend to delight the many loyal Spiegel and Newport New customers, as well as recent Shape fx devotees.”
In September 2008, Spiegel Brands Inc. had been acquired from Catalog Holdings Inc., the retail brands portfolio of Golden Gate Capital that operates Orchard Brands Corp., by an investor group led by Chicago-based Granite Creek Partners.
Spiegel president and CEO Geralynn Madonna called the sale to Signature Styles a “foreclosure sale,” saying that senior lenders Wells Fargo had retreated and that, basically, Spiegel had lost its loan. “Today is a great day for our company. Today we move forward and leave recent financial troubles behind,” Madonna said. “Lynn’s vision for the company and understanding of customer service are clear. We look forward to continuing to serve our dedicated customers, honoring gift cards and continuing to add club loyalty programs. “