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) :   March 7, 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)

- ----------------------------------------------------------------------------
Item 5. Other Events

On March 7, 2003, the Registrant issued the press release attached hereto
as Exhibit 99 and incorporated herein by reference.

In addition attached as Exhibit 10.1 and Exhibit 10.2, respectively, is the
Consent and Stipulation entered into with the Securities and Exchange
Commission together with the proposed Partial Final Judgment and Order of
Permanent Injunction and Other Equitable Relief.

Item 7.  Exhibits.

(c) Exhibits

    Exhibit 99         Press release dated March 7, 2003

    Exhibit 10.1       Consent and Stipulation of Defendant Spiegel, Inc.
                       dated March 6, 2003

    Exhibit 10.2       Proposed Partial Final Judgment and Order of
                       Permanent Injunction and Other Equitable Relief

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

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:   March 7, 2003            By: /s/ James M. Brewster
                                     -------------------------
                                     James M. Brewster
                                     Senior Vice President
                                     and Chief Financial Officer
                                     (Principal Accounting and
                                      Financial Officer)

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

EXHIBIT INDEX

Exhibit No.

99             Spiegel, Inc. press release dated March 7, 2003

10.1           Consent and Stipulation of Defendant Spiegel, Inc.
               dated March 6, 2003

10.2           Proposed Partial Final Judgment and Order of Permanent
               Injunction and Other Equitable Relief

EX-99

EXHIBIT 99

Spiegel, Inc. Enters Into a Consent and Stipulation Agreement with the SEC

DOWNERS GROVE, Ill. - March 7, 2003 - Spiegel, Inc. today reported that, as
previously announced, the staff of the Securities and Exchange Commission
(the "SEC") has commenced an investigation into compliance by Spiegel, Inc.
(the Company) with the federal securities laws.  Today the SEC commenced a
civil proceeding in federal court in Chicago alleging, among other things,
that the Company's public disclosures violated Sections 10(b) and 13(a) of
the Securities Exchange Act of 1934.  Simultaneous with the filing of the
SEC's complaint, the Company announced that it has entered into a Consent
and Stipulation with the SEC resolving, in part, the claims asserted in the
SEC action.  A copy of the Consent and Stipulation is attached as an exhibit
to the Form 8-K filed today with the SEC by the Company.
   Solely for purposes of resolving the SEC action, Spiegel, Inc. consented
to the entry of the proposed Partial Final Judgment and Order of Permanent
Injunction and Other Equitable Relief annexed to the Consent and Stipulation.
As part of the settlement, the Company neither admitted nor denied the
allegations of the SEC's complaint. Under the terms of the Consent and
Stipulation, the Company agreed, among other things, to the entry of a
permanent injunction enjoining any conduct in violation of Sections 10(b) and
13(a) of the Securities Exchange Act of 1934 and various rules promulgated
thereunder.  The Company also consented to the appointment of an independent
examiner by the court to review its financial records since January 1, 2000,
and to provide a report to the court and other parties regarding its financial
condition and financial accounting.  The SEC reserved its right to petition the
court to require the Company to pay disgorgement, prejudgment interest and
civil penalties, or to impose other equitable relief.
   The Company stated that it is cooperating fully with the ongoing SEC
investigation.

About The Company
   The Spiegel Group is a leading international specialty retailer marketing
fashionable apparel and home furnishings to customers through catalogs, 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.

EX-10

EXHIBIT 10.1

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS

UNITED STATES SECURITIES
AND EXCHANGE COMMISSION,

		Plaintiff,
                                                         CIVIL
	v.                                               ACTION
                                                         FILE NO.
SPIEGEL, INC.,

		Defendant.
CONSENT AND STIPULATION OF
DEFENDANT SPIEGEL, INC.

        A.  Defendant Spiegel, Inc. ("Defendant Spiegel"):
            1. Acknowledges receipt of the Complaint for Permanent Injunction
and Other Equitable Relief ("Complaint") filed by Plaintiff U.S. Securities
and Exchange Commission ("Plaintiff Commission") in this action, enters a
general appearance, admits the jurisdiction of the Court over it and over the
subject matter hereof, and waives the filing of an Answer;
            2. Solely for purposes of this proceeding or any other proceeding
to which the Commission is a party, and without admitting or denying the
allegations of the Complaint, except as to jurisdiction, which is admitted,
hereby voluntarily consents to the entry of the attached Partial Final Judgment
and Order of Permanent Injunction and Other Equitable Relief ("Partial Final
Judgment") against it without further notice;
            3. Enters into this Consent and Stipulation ("Consent") voluntarily
and acknowledges that no threats, offers, promises or inducements of any kind
whatsoever have been made by the Plaintiff Commission or anyone else in
consideration of this Consent;
            4. Waives any right it may have to appeal from the Partial Final
Judgment, while reserving its right to contest any additional remedies sought
by the Plaintiff Commission pursuant to Paragraph G hereof, and to appeal from
any adverse decision concerning any such request for additional remedies;
            5. Understands that the terms of the Partial Final Judgment are
enforceable through contempt proceedings;
            6. Agrees that it will not oppose enforcement of the Partial Final
Judgment on the ground that it fails to comply with Rule 65(d) of the Federal
Rules of Civil Procedure and waives any objections based thereon;
            7. Agrees that it does not and will not oppose the validity of the
attached Partial Final Judgment on any jurisdictional ground;
            8. Waives service upon it of the Partial Final Judgment and agrees
that the entry of the Partial Final Judgment by the Court and filing with the
Clerk in the United States District Court for the Northern District of Illinois
will constitute notice to it of the terms and conditions of such Partial Final
Judgment; and
            9. Agrees that the Court shall retain jurisdiction of this matter
for all purposes.
        B.  Plaintiff Commission and Defendant Spiegel agree that this Consent
shall be incorporated by reference into the Partial Final Judgment with the
same force and effect as if fully set forth therein.
        C.  Plaintiff Commission and Defendant Spiegel waive the entry of
findings of fact and conclusions of law pursuant to Rule 52 of the Federal Rules
of Civil Procedure.
        D.  Understands and agrees to comply with the Plaintiff Commission's
policy "not to permit a defendant or respondent to consent to a judgment or
order that imposes a sanction while denying the allegations in the complaint
or order for proceedings." (17 C.F.R. ss202.5(e)).  In compliance with this
policy, Defendant Spiegel agrees not to take any action or to make or permit
to be made any public statement denying, directly or indirectly, any allegation
in the Complaint or creating the impression that the Complaint is without
factual basis.  If Defendant Spiegel breaches this agreement, the Plaintiff
Commission may petition the Court to vacate the Partial Final Judgment.
Nothing in this provision affects Defendant Spiegel's testimonial obligations
or right to take legal positions in litigation in which the Plaintiff
Commission is not a party.
          E.  Acknowledges and agrees that this proceeding and its Consent
are for the purposes of resolving this proceeding only,in conformity with
the provisions of 17 C.F.R. 202.5(f), and do not resolve, affect, or preclude
any other proceedings that may be brought against it.  Consistent with the
provisions of 17 C.F.R. 202.5(f), Defendant Spiegel waives any claim of Double
Jeopardy based upon the settlement of this proceeding, including the imposition
of any remedy or civil penalty herein.
 Defendant Spiegel acknowledges that the Court's entry of a permanent injunction
may have collateral consequences under federal or state law and the rules and
regulations of self-regulatory organizations, licensing boards, and other
regulatory organizations.  Such collateral consequences include, but are not
limited to, a statutory disqualification with respect to membership or
participation in, or association with a member of, a self-regulatory
organization. This statutory disqualification has consequences that are
separate from any sanction imposed in an administrative proceeding.
         F.  Waives any rights under the Equal Access to Justice Act, the
Small Business Regulatory Enforcement Fairness Act of 1996 or any other
provision of law to pursue reimbursement of attorney's fees or other fees,
expenses or costs expended by Defendant Spiegel to defend against this action.
For these purposes,Defendant Spiegel agrees that it is not the prevailing
party in this action since the parties have reached a good faith settlement.
         G.  Agrees that the Court will determine, in a separate hearing,
whether it is appropriate to require Defendant Spiegel to pay disgorgement,
prejudgment interests and civil penalties, and determine whether it is
appropriate to order other equitable relief against Defendant Spiegel.
At that hearing, Defendant Spiegel will be precluded from denying that it
engaged in the violations of the federal securities laws alleged in the
Complaint.
         H.  Agrees that Stephen J. Crimmins, an attorney with Pepper
Hamilton, LLP in Washington, DC, shall serve as an Independent Examiner.
The Independent Examiner's mandate will be to protect the interests of the
minority shareholders of Defendant Spiegel to the extent permitted by law.
In furtherance of this mandate, the Independent Examiner shall review Defendant
Spiegel's financial records for the period from January 1, 2000 to date, and
shall provide the Court and the parties with a written report within 120 days.
The written report shall discuss Defendant Spiegel's financial condition
and identify any material accounting irregularities.  Until the resolution
of this matter or further order of the Court, the Independent Examiner may
recommend interim steps, to be approved and ordered by the Court, for the
protection of the minority shareholders pending the resolution of this matter.
         I. In furtherance of the Independent Examiner's mandate, Defendant
Spiegel:
            1. Agrees to provide the Independent Examiner with full access to
all of Spiegel's non-privileged corporate records;
            2. Agrees to require all Spiegel officers, directors, employees
and agents to cooperate fully with the Independent Examiner and to respond to
any inquiries or questions by the Independent Examiner;
            3. Agrees that the Independent Examiner shall have the authority
to engage in discovery consistent with the Federal Rules of Civil Procedure
and the Local Rules for the United States District Court for the Northern
District of Illinois, concerning any subject matter relating to the
Independent Examiner's mandate;
            4. Agrees to provide the Independent Examiner with reasonable
compensation and expense reimbursement in amounts commensurate with the
services performed by the Independent Examiner and Defendant Spiegel agrees
to be liable for the compensation of the Independent Examiner.  Defendant
Spiegel shall establish an escrow account, initially funded with $500,000,
and will continue to provide additional funds to the escrow account as
necessary.  The Independent Examiner shall apply to the Court for such
compensation and expense reimbursement monthly and such amounts shall be
drawn from the escrow account; and
            5. Agrees that the Independent Examiner has the right, subject
to the Court's approval, to retain legal, financial and other experts
including, but not limited to, the retention of legal counsel and forensic
accountants, to assist the Independent Examiner in performing his or her
duties and agrees that Spiegel will be liable for the reasonable compensation
of such experts.
          J. Agrees that Plaintiff Commission and the Independent Examiner
may engage in expedited discovery and responses to discovery requests shall
be produced within five (5) business days after service;
          K. Agrees that Plaintiff Commission and the Independent Examiner
shall have the right to petition the Court for immediate relief if Plaintiff
Commission and/or the Independent Examiner deem that any of Defendant
Spiegel's ongoing activities are not consistent with the company's duties
to its minority shareholders; and
          L. Agrees that Plaintiff Commission may present the Partial
Final Judgment to the Court for signature and entry without further notice.
          M. This Consent and Stipulation and the factual allegations of the
Complaint shall not be binding on or relied upon by anyone other than the
parties hereto.


/s/ William C. Kosturos
- --------------------------------
On behalf of Spiegel, Inc.                         Dated: March 6, 2003

Sworn before me this 6th
day of March, 2003

/s/ Noreen P. Pratt
- --------------------------------
NOTARY PUBLIC

My Commission expires: August 6, 2005


- ------------------------
Amy E. Gibson Lum                                  Dated:         , 2003
An Attorney for Plaintiff
Securities and Exchange Commission
175 W. Jackson Boulevard, Suite 900
Chicago, Illinois 60604
Telephone: (312) 353-7390

EX-10

EXHIBIT 10.2

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS

UNITED STATES SECURITIES
AND EXCHANGE COMMISSION,

			Plaintiff,
                                                       CIVIL ACTION
                                v.                     FILE NO.

SPIEGEL, INC.,

                        Defendant.

PARTIAL FINAL JUDGMENT AND ORDER OF PERMANENT INJUNCTION
AND OTHER EQUITABLE RELIEF

     Plaintiff Securities and Exchange Commission ("Plaintiff Commission"),
having filed a Complaint for Permanent Injunction and Other Equitable Relief
("Complaint") in this matter and Defendant Spiegel, Inc. ("Defendant Spiegel")
having filed its Consent and Stipulation (attached as Exhibit 1, and
incorporated herein), acknowledges receipt of the Complaint and admits the
jurisdiction of this Court over it and over the subject matter thereof, and
without admitting or denying the allegations of the Complaint, except as to
jurisdiction, and without trial, argument or adjudication of any facts or law
herein, consents to the entry of this Partial Final Judgment and Order of
Permanent Injunction and Other Equitable Relief ("Partial Final Judgment").
Plaintiff Commission and Defendant Spiegel have each waived the entry of
findings of fact and conclusions of law, as provided by Rule 52 of the Federal
Rules of Civil Procedure.  This Court having jurisdiction over the parties and
the subject matter hereof, and being fully advised in the premises:

I.
     IT IS ORDERED, ADJUDGED, AND DECREED that Defendant Spiegel, and persons
at anytime acting as its officers, servants, employees, and those persons in
active concert or participation with any of the foregoing who receive actual
notice of this Partial Final Judgment, by personal service or otherwise, and
each of them, be and hereby are permanently restrained and enjoined from,
directly and/or indirectly, in connection with the purchase or sale of any
security, by the use of any means or instrumentality of interstate commerce
and/or of the mails, or of any facility of any national securities exchange,
among other things, making any untrue statement of material fact or omitting
to state a material fact necessary in order to make the statements made, in the
light of the circumstances under which they were made, not misleading, or any
conduct of a similar purport and object, in violation of Section 10(b) of the
Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. ss78j(b)] and Rule
10b-5 [17 C.F.R. ss240.10b-5] thereunder.
II.
     IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant Spiegel, and
persons at any time acting as its officers, servants, employees, and those
persons in active concert or participation with any of the foregoing who receive
actual notice of this Partial Final Judgment, by personal service or otherwise,
and each of them, be and hereby are permanently restrained and enjoined from,
directly and/or indirectly, violating Section 13(a) of the Exchange Act
[15 U.S.C. ss 78m(a)] and Rules 13a-1 and 13a-13 thereunder
[17 C.F.R. ss ss 240.13a-1 and 240.15d-13] which, among other things, require
the timely filing with Plaintiff Commission of financial statements in annual
reports on Form 10-K and quarterly reports on Form 10-Q in accordance with
such rules and regulations that Plaintiff Commission has prescribed as
necessary and appropriate in the public interest and for the protection of
investors.
III.
     IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that after the entry of
this Partial Final Judgment, this Court will determine and order, in a
separate hearing, whether it is appropriate to require Defendant Spiegel to
pay disgorgement, prejudgment interest and civil penalties, and determine
whether it is appropriate to order other equitable relief against Defendant
Spiegel.  At that hearing, Defendant Spiegel will be precluded from denying
that it violated the federal securities laws alleged in the Complaint.
IV.
APPOINTMENT OF AN INDEPENDENT EXAMINER
     IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, by consent of
Plaintiff Commission and Defendant Spiegel, Stephen J. Crimmins, an attorney
with Pepper Hamilton, LLP in Washington, DC, shall serve as an Independent
Examiner.  The Independent Examiner's mandate will be to protect the interests
of Defendant Spiegel's minority shareholders to the extent permitted by law.
In furtherance of this mandate, the Independent Examiner shall review Defendant
Spiegel's financial records for the period from January 1, 2000 to date, and
shall provide the Court and the parties with a written report within 120 days.
The written report shall discuss Defendant Spiegel's financial condition and
identify any material accounting irregularities.  Until the resolution of this
matter or further order of the Court, the Independent Examiner may recommend
interim steps, to be approved and ordered by the Court, for the protection of
the minority shareholders pending the resolution of this matter.
   In furtherance of the Independent Examiner's mandate, Defendant Spiegel
shall:
      1.  Provide the Independent Examiner with full access to all of
Defendant Spiegel's non-privileged corporate records;
      2.  Require all of its officers, directors, employees and agents to
cooperate fully with the Independent Examiner and to respond to any inquiries
or questions by the Independent Examiner; and
      3.  Provide the Independent Examiner with reasonable compensation and
expense reimbursement in amounts commensurate with the services performed by
the Independent Examiner.  Defendant Spiegel shall be liable for the
compensation of the Independent Examiner.  Within seven (7) business days of
this Order, Defendant Spiegel shall establish an escrow account, initially
funded with $500,000, and will continue to provide additional funds to the
escrow account as necessary.  The Independent Examiner shall apply to the
Court for such compensation and expense reimbursement monthly and such amounts
shall be drawn from the escrow account.
V.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that:
      1.  The Independent Examiner shall have the authority to engage in
discovery consistent with the Federal Rules of Civil Procedure and the Local
Rules for the United States District Court for the Northern District of
Illinois, concerning any subject matter relating to the Independent Examiner's
mandate.
      2.  The Independent Examiner has the right, subject to the Court's
approval, to retain legal, financial and other experts including, but not
limited to, the retention of legal counsel and forensic accountants, to assist
the Independent Examiner in performing his duties.  Defendant Spiegel shall
be liable for the reasonable compensation of such experts.
      3.  That Plaintiff Commission and the Independent Examiner may engage
in expedited discovery and responses to discovery requests shall be produced
within five (5) business days after service.
      4.  That Plaintiff Commission and the Independent Examiner shall have
the right to petition the Court for immediate relief if Plaintiff Commission
and/or the Independent Examiner deem that any of Defendant Spiegel's ongoing
activities are not consistent with the company's duties to its minority
shareholders.
VI.
       IT IS FURTHER ORDERED, ADJUDGED AND DECREED that the attached Consent
and Stipulation of Defendant Spiegel (Exhibit 1), is hereby incorporated herein
with the same force and effect as if fully set forth herein.
VII.
       IT IS FURTHER ORDERED, ADJUDGED AND DECREED that this Court shall retain
jurisdiction of this matter for all purposes, including, among other things: the
implementation and enforcement of the terms and conditions of all orders and
decrees that may be entered by this Court, and Defendant Spiegel's Consent and
Stipulation attached hereto and incorporated herein, or to entertain any
suitable application or motion for additional relief within the jurisdiction
of this Court.
VIII.
       IT IS FURTHER ORDERED, ADJUDGED AND DECREED that there being no just
cause for delay, the Clerk of the Court is hereby directed to enter this
Partial Final Judgment.

                                               ----------------------------
                                               UNITED STATES DISTRICT JUDGE


DATED:
      -----------------