FOR IMMEDIATE RELEASE

CONTACT:	Debbie Koopman
		(630) 769-2596
		Debbie_Koopman@spgl.com

THE SPIEGEL GROUP ANNOUNCES EXECUTIVE RETIREMENTS
AND NEW ORGANIZATIONAL STRUCTURE


DOWNERS GROVE, Ill. - January 19, 2001 - The Spiegel Group today announced
that Michael R. Moran, chairman of the office of the president and chief
legal officer, and James W. Sievers, office of the president and chief
financial officer, have decided to retire, effective June 30, 2001.  Until
that time, they will continue to perform their duties as the office of the
president of The Spiegel Group.  As the company previously announced, Martin
Zaepfel will become president and chief executive officer of The Spiegel
Group, effective July 1, 2001.

Following his retirement, Moran will continue to serve as chairman of the
board of directors of First Consumers National Bank, playing an active role
in its strategic direction and development.  He also will provide certain
advisory services to the Group.

The board of directors expressed its appreciation to Moran and Sievers for
their strong leadership and commitment, particularly in their role as the
office of the president during the last three years.  Together, they have
guided the company during a critical period as it has returned to
profitability, achieving what is expected to be its second consecutive year
of record earnings in 2000.

Moran stated, "We are extremely proud of the progress the Company has made
over the last three years and are confident that the Company is well
positioned to continue on its current path of consistent, sustainable growth
in the years ahead."

Under the new organizational structure, the areas reporting to Mr. Zaepfel
will include the presidents of each of the business units, the chief
financial officer, the chief information officer, as well as human resources,
corporate operations and corporate marketing.

Jim Cannataro, currently executive vice president and chief financial
officer of Eddie Bauer, will become chief financial officer of The Spiegel
Group.  David Boothby, formerly senior vice president of finance, operations
and retail for Spiegel Catalog, has been appointed senior vice president for
the Group, responsible for corporate operational functions.  Irene Wilson,
currently vice president of consumer behavior and trend forecasting for
Spiegel Catalog, will become vice president of corporate marketing.

The Spiegel Group is a leading international specialty retailer marketing
fashionable apparel and home furnishings to customers through catalogs, more
than 590 specialty retail and outlet stores and eight e-commerce sites,
including eddiebauer.com, newport-news.com and spiegel.com.  The Spiegel
Group's businesses include Eddie Bauer, Newport News, Spiegel and First
Consumers National Bank.  The company's Class A Non-Voting Common Stock trades
on the NASDAQ National Market System under the ticker symbol: SPGLA.  Investor
relations information is available on The Spiegel Group web site
(thespiegelgroup.com).

This press release contains statements that are forward-looking within the
meaning of applicable federal securities laws and are based upon Spiegel,
Inc.'s current expectations and assumptions.  Words such as "expect," "plan,"
"believe," "anticipate," and similar expressions identify forward-looking
statements.  Any such forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from those anticipated.  Potential risks and uncertainties include, but are
not limited to, factors such as the financial strength and performance of the
retail and direct marketing industry, changes in consumer spending patterns,
dependence on the securitization of accounts receivable to fund operations,
state and federal laws and regulations related to offering and extending
credit, risks associated with collections on the company's credit card
portfolio, interest rate fluctuations, postal rate increases, paper and
printing costs, the success of planned merchandising, advertising, marketing
and promotional campaigns, and other factors that may be described in the
company's filings with the Securities and Exchange Commission.