8-K

                            UNITED STATES
                  SECURITIES AND EXCHANGE COMMMISSION
                       Washington, D.C. 20549


                              FORM 8-K
                           Current Report
                Pursuant to Section 13 or 15d of the
                  Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) :   April 19, 2002

                            SPIEGEL, INC.

   (Exact name of registrant as specified in its charter)


  Delaware                 0-16126             36-2593917
 (State of                 (Commission file    (I.R.S. Employer
                            number)             Identification No.)

   3500 Lacey Road
   Downers Grove, IL                            60515-5432
  (Address of principal executive offices)      (Zip Code)


                            (630) 986-8800
       (Registrant's telephone number, including area code)

                               No Change
  (Former name or Former address, if changed since last report)

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Item 5. Other events

On April 19, 2002, The Registrant issued the press release attached hereto
as Exhibit 99 and incorporated herein by reference.

Item 7.  Exhibits.

(c)  Exhibits

     Exhibit 99          Press release dated April 19, 2002
- ----------------------------------------------------------------------------
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.

                                  SPIEGEL, INC.
                                  (Registrant)

Dated: April 22, 2002          By: /s/ James R. Cannataro
                               James R. Cannataro
                               Executive Vice President and
                               Chief Financial Officer (Principal
                               Accounting and Financial Officer)
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EXHIBIT INDEX

Exhibit No.
99            Spiegel, Inc. press release dated April 19, 2002



- ----------------------------------------------------------------------------

EX-99

Exhibit 99

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


The Spiegel Group Provides Update on Business Developments

DOWNERS GROVE, Ill. - April 19, 2002 - The Spiegel Group
(Spiegel, Inc.)today provided an update regarding the status
of several business initiatives.  Commenting on its efforts
to sell its credit card operations the company stated that the
process is ongoing and discussions with interested parties are
at various stages.  The company also stated that based on a more
current market valuation, the company now expects the loss on
disposition of this business to be higher than previously
estimated.  The change in the loss on disposition will result
in lower earnings for the 2001 fiscal year than were previously
reported.  The 2001 earnings change will be reflected in the
company's Form 10-K, which has not yet been filed.

On April 10, 2002, MBIA Insurance Corporation (MBIA) declared
a "Pay Out Event" under two of the company's asset-backed
securities offerings involving credit card receivables originated
by FCNB, for which MBIA insures the payments to noteholders and
The Bank of New York acts as indenture trustee.  The company today
announced that it and its special-purpose bank subsidiary, First
Consumers National Bank (FCNB), filed suit and obtained a temporary
restraining order against MBIA and The Bank of New York on
April 11, 2002, in New York State court.  The order prevents MBIA
from seeking to enforce a "Pay Out Event."  The company believes
that no "Pay Out Event" has occurred as defined under the
securitization documents.  A "Pay Out Event" would divert excess
cash flow of approximately $20 million monthly to repay noteholders.
The temporary restraining order will remain in place until early May,
when a hearing will take place at which the company will seek a
preliminary injunction.  The company and MBIA have entered into a
stipulation agreeing to postpone a hearing for a preliminary
injunction, pending discussions with MBIA regarding the "Pay Out
Event."

The company also stated that its bank is engaged in discussions with
the Office of the Comptroller of the Currency, the bank's primary
federal regulator.  These discussions relate to the timing for the
previously announced disposition of the bank, and the terms and
conditions under which the Bank will operate during this period,
including with respect to capital, liquidity, product offering,
transactions with affiliates, and growth.

The company is continuing to work closely with its bank group to
restructure its credit facilities.  The company had previously
announced that it expected to reach an agreement with its lenders
by mid-April.  However, due to the developments discussed above,
negotiations with the bank group will extend beyond that time.
Meanwhile, the company continues to rely on liquidity support
provided through its majority shareholder.  The funding provided
to date from this source is approximately $160 million.

In addition, due to these outstanding business developments, the
company has not filed its Form 10-K for the 2001 fiscal year.
Consequently, the company received a Nasdaq Staff Determination
on April 17, 2002.  The Staff Determination indicates that the
company has not complied with Marketplace Rule 4310(c)(14) by not
filing its Form 10-K for the fiscal year ended December 29, 2001.
Filing of a Form 10-K is required for continued listing of the
company's securities.

In accordance with Nasdaq procedures, Spiegel, Inc. is requesting
a hearing with the Nasdaq Listing Qualifications Panel (Panel) to
review the Staff Determination.  The company's request for a hearing
will stay the delisting of the company's securities pending the
Panel's decision.  The company stated that it expects to file its
Form 10-K before Nasdaq is required to take any further action to
delist the company's stock.

As a result of the company's filing delinquency, Nasdaq changed the
trading symbol for the company's securities from SPGLA to SPGLE at
the opening of business on April 19, 2002.

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, the company's ability
to sell its credit card business and restructure its credit
facilities, changes in consumer spending patterns, dependence on
the securitization of accounts receivable to fund operations, state
and federal banking laws and regulations, 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.

The Spiegel Group is a leading international specialty retailer
marketing fashionable apparel and home furnishings to customers
through catalogs, 580 specialty retail and outlet stores and
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, now
SPGLE.  Investor relations information is available on The Spiegel
Group Web site http://www.thespiegelgroup.com.