8-K

                            UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                       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 11, 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 March 11, 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 March 11, 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:   March 11, 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 March 11, 2003

EX-99

EXHIBIT 99

The Spiegel Group Reports Pay Out Events on Securitizations

DOWNERS GROVE, Ill. - March 11, 2003 - The Spiegel Group (Spiegel, Inc.)
today announced that First Consumers National Bank (FCNB), its
special-purpose bank subsidiary, has notified the trustees for all six
of its asset backed securitization transactions that a Pay Out Event, or
an early amortization event, had occurred on each series.  As a result
of these Pay Out Events, substantially all monthly excess cash flow
remaining after the payment of debt service and other expenses is
diverted to repay principal to investors on an accelerated basis,
rather than to pay the cash to Spiegel, Inc. or its affiliates upon
deposit of new receivables.
   Pay Out Events on the First Consumers Master Trust Series
1999-A, the First Consumers Credit Card Master Note Trust
Series 2001-A and the Spiegel Credit Card Master Note Trust
Series 2000-A occurred because each of these series failed to meet
certain minimum performance requirements for the reporting period
ended February 28, 2003.  This failure was due to the securitized
receivables generating insufficient returns to meet the obligation
under the securitization documents (or the failure to meet what is
commonly referred to as the excess spread test).  The performance
and credit quality of these securitized receivables have declined
significantly due to higher charge-off rates and lower net sales.
   The Pay Out Events on the two First Consumers series caused,
through cross default provisions, a Pay Out Event on the First
Consumers Credit Card Master Note Trust Series 2001-VFN.
The Pay Out Event on the Spiegel 2000-A Series caused, through
cross default provisions, a Pay Out Event on the Spiegel Credit
Card Master Note Trust Series 2001-VFN. In addition, MBIA
has also declared a Pay Out Event on the Spiegel 2001-A Series.
   As previously disclosed, FCNB was required by the Office of
the Comptroller of the Currency (OCC) to discontinue charging
privileges on all its MasterCard and Visa accounts on or prior to
March 31, 2003.  On March 7, 2003, FCNB discontinued these
charging privileges.
   Due to the Pay Out Events realized on the private-label series,
FCNB is no longer reimbursing the merchant companies (Eddie
Bauer, Spiegel Catalog and Newport News) for charges made
with the private-label credit cards issued by FCNB.  In response
to these Pay Out Events, beginning today, the merchant companies
are no longer honoring the private-label credit cards issued to their
customers by FCNB.
   The merchant companies have begun issuing private-label credit
cards directly rather than through FCNB.  These new cards are
currently being serviced through FCNB.  Spiegel, Inc. is in the
process of exploring an in-house capability to service these
receivables.  In addition, the company may offer its customers new
private-label credit card programs issued by its merchant companies
as soon as it is able to service these cards in-house or secures a
third-party service provider.
   A principal source of liquidity for the Company has been its
ability to securitize new credit card receivables that it generates and
receive excess cash flow from the Trusts.  If The Spiegel Group is
unable to find alternative sources of financing, it would expect to
file for protection under Chapter 11 of the U.S. Bankruptcy Code
in the near future.
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.
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 release.  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 release, 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; 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; 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.