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) :   February 28, 2003

                            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 February 28, 2003, 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 February 28, 2003

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SIGNATURES

Pursuant to the requirements of the Securities Exhchange 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:   February 28, 2003            By: /s/ James M. Brewster
                                     -------------------------
                                     James M. Brewster
                                     Senior 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 February 28, 2003.

EX-99

EXHIBIT 99

The Spiegel Group Announces Management Changes

DOWNERS GROVE, Ill. - February 28, 2003 - The Spiegel Group (Spiegel, Inc.)
today announced that its board of directors has named William Kosturos, a
managing director at Alvarez & Marsal, Inc., an international turnaround
and management consulting firm, as chief restructuring officer.  The
appointment follows the decision by Martin Zaepfel to retire from his
positions as vice chairman, president and chief executive officer,
effective March 1, 2003.  Mr. Kosturos will assume the additional position
and duties of interim CEO on that date.  Mr. Kosturos will work with the
Company's senior management team to strengthen the Company's financial
position and improve operations.  The board has initiated a search for
a permanent CEO.
 Over the course of his nearly 20-year career, Mr. Kosturos has helped
numerous companies improve their operational performance and successfully
navigate turnaround, restructuring and reorganization situations.  His
experience spans a range of industries, including: retail, consumer
products, food processing, technology and utilities.
 "We are delighted to have someone with Bill's depth of experience join
our team," said Dr. Michael Otto, chairman of The Spiegel Group board of
directors.  "I am certain that his proven success in business restructuring
will be very beneficial as we take steps to strengthen our Company's
financial situation and position ourselves for a stronger future."
 "On behalf of the board, I would like to express our sincere gratitude to
Martin for his hard work and dedication," continued Dr. Otto.  "Martin's
leadership was critical in guiding the Company for the past two years
through a very challenging environment."

About the Company
 The Spiegel Group is a leading international specialty retailer marketing
fashionable apparel and home furnishings to customers through catalogs,
nearly 560 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 Catalog and
First Consumers National Bank.  The company's Class A Non-Voting Common
Stock trades on the over-the-counter market ("Pink Sheets") under the ticker
symbol: SPGLA.  Investor relations information is available on The Spiegel
Group Web site at http://www.thespiegelgroup.com.

About Alvarez & Marsal
 Alvarez & Marsal, Inc. (A&M) was formed in 1983 to provide specialized
management and advisory services to underperforming and/or over-leveraged
companies.  A&M today has 170 professionals based in 12 locations serving
the US, Europe, Asia and Latin America.  For more information on Alvarez &
Marsal, please visit www.alvarezandmarsal.com.

Forward Looking Statements
 This report contains statements that are forward-looking within the meaning
of applicable federal securities laws and are based upon the Company's
current expectations and assumptions.  You should not place undue reliance
on those statements because they speak only as of the date of this report.
Forward-looking statements include information concerning the Company's
possible or assumed future results of operations.  These statements often
include words such as "expect," "plan," "believe," "anticipate", "intend,"
"estimate," or similar expressions.  As you read and consider this report,
you should understand that these statements are not guarantees of performance
or results.  They involve risks, uncertainties and assumptions.  Although
the Company believes that these forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could affect
our actual financial results and actual results could differ materially
from the forward-looking statements.  These factors include, but are not
limited to, the uncertainty regarding the Company's ability to enter into
new credit facilities with its lending institutions, uncertainty regarding
the Company's ability to amend its existing agreement with MBIA, the
occurrence and effects of early amortization events ("Pay Out Events") of
the Company's asset-backed securities, the uncertainty relating to the sale
or liquidation of the bankcard segment; increased oversight or restrictions
by the OCC on the bankcard segment which could reduce the market value of
the bankcard segment; the risk associated with fulfilling the obligations
set forth in the Bank's disposition plan; the availability of future
liquidity support from the Company's majority stockholder; reduction in
cash available from the Company's securitization transactions; the
financial strength and performance of the retail and direct marketing
industry; changes in consumer spending patterns; dependence on the
securitization of credit card receivables 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 or printing costs; the success
of planned merchandising, advertising, marketing and promotional campaigns;
and various other factors beyond the Company's control.
 All future written and oral forward-looking statements made by the Company
or persons acting on the Company's behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to above. Except
for the Company's ongoing obligations to disclose material information as
required by the federal securities laws, we do not have any obligation or
intention to release publicly any revisions to any forward-looking statements
to reflect events or circumstances in the future or to reflect the occurrence
of unanticipated events.