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 31, 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 31, 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 31, 2003


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

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:   March 31, 2003            By: /s/ James M. Brewster
                                     -------------------------
                                     James M. Brewster
                                     Senior Vice President
                                     and Chief Financial Officer
                                     (Principal Accounting and
                                      Financial Officer)

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

EX-99

Exhibit 99

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

THE SPIEGEL GROUP ANNOUNCES DELAY IN FILING ITS FORM 10-K FOR 2002

DOWNERS GROVE, Ill. - March 31, 2003 - Spiegel, Inc. today announced
that the filing of its Form 10-K for its fiscal year ended December 28,
2002 (the "2002 Form 10-K") with the Securities and Exchange Commission
(the "SEC") has been delayed.  The company's outside auditors, KPMG LLP
recently advised the company that they would not be able to provide the
company with an audit opinion that would enable the company to file its
2002 Form 10-K in accordance with the SEC's rules and regulations until
they have had an opportunity to review and consider the report of the
independent examiner (the "Independent Examiner") appointed under the
terms of the partial final judgment consented to by the company and
entered against the company on March 18, 2003, and as amended on
March 27, 2003 (the "SEC Judgment").  KPMG also advised the company that,
similarly, they would not be able to complete their review of any of the
company's 2003 quarterly financial statements until they have reviewed
and considered the Independent Examiner's report.  As a result, Spiegel
will be unable to file its 2002 Form 10-K and one or more Form 10-Qs in
compliance with SEC filing requirements.

As previously reported, the SEC Judgment, among other things, requires
the company to file timely reports with the SEC and provides for the
appointment of the Independent Examiner by the court to review the
company's financial records since January 1, 2000 and to provide a
report to the court and other parties within 120 days, discussing the
company's financial condition and identifying any material accounting
irregularities.  The company has worked diligently to complete its 2002
Form 10-K, which was due to be filed with the SEC on March 28, 2003.
KPMG began work on the fiscal year 2002 audit in late 2002.  At the
time the company consented to the original SEC Judgment, the company
did not know that the terms of the SEC Judgment would cause an impediment
to the filing of its 2002 Form 10-K or subsequent Form 10-Qs.

The company understands that KPMG believes that, assuming any issues
identified in the Independent Examiner's report are of a type that
can be quickly addressed, KPMG could be in a position to issue their
audit report on the company's 2002 financial statements and complete
their required reviews of any quarterly financial statements, shortly
after having an opportunity to review and consider the report of the
Independent Examiner.  The company is unable at this time to predict
what the Independent Examiner's report will conclude or whether these
conclusions will require any adjustments to the company's financial
statements.

As a result, the company notified the SEC of the impossibility, as a
practical matter, of filing its 2002 Form 10-K and one or more Form
10-Qs in a timely manner as required by the SEC Judgment.  The company
has filed with the court a motion for clarification of the SEC Judgment
to make clear that the company and its officers, directors and employees
are not now, and will not be in the future, in contempt of the SEC
Judgment as a result of the company's inability to file its 2002
Form 10-K and one or more Form 10-Qs with the SEC as required.  The
company would petition the court if it is not able to file its 2002
Form 10-K and any past due Form 10-Qs within 90 days after the
Independent Examiner files his report with the court.  The company has
undertaken that it will keep the public informed of its financial
condition and other material developments by filing the following
periodic reports on Form 8-K until such time as the past due 2002
Form 10-K and any past due Form 10-Qs are filed with the SEC:

* Monthly sales reports for the company, along with any accompanying
  press releases.
* All monthly financial statements that are filed by the company with
  the bankruptcy court.
* Periodic reports covering any other material developments concerning
  the company.

The company is unable to predict the effect on it if the SEC were to
oppose the relief sought or the court denied the relief requested, in
whole or in part.

About The Company
The Spiegel Group (OTC Pink Sheets:  SPGLA) 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 financial condition
or 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 financial condition,
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 its actual financial results and actual results could differ
materially from the forward-looking statements.  These factors include,
but are not limited to, uncertainty regarding the company's ability to
continue as a going concern; uncertainty regarding the company's ability
to operate pursuant to the terms of the DIP facility; uncertainty
regarding the company's ability to develop and consummate one or more
plans of reorganization; risks associated with third parties seeking and
obtaining court approval to terminate or shorten the exclusivity period
for the company to propose and confirm one or more plans of reorganization,
for the appointment of a chapter 11 trustee or to convert the bankruptcy
case to a chapter 7 case; the effect on the company's net sales and cash
flow of its decision to stop accepting private-label credit cards at its
merchant companies; the company's ability to find a third-party service
provider to finance and service new private-label credit cards to be issued
by the merchant companies and the terms of such arrangement; uncertainty
regarding the servicing of the company's existing securitized credit card
receivables portfolio upon the sale or liquidation of FCNB; the effects on
the company of the Pay-Out Events recently experienced by all of the
company's securitization agreements that are backed by the company's credit
card receivables; the ultimate effect on the company of the pending
investigation by the SEC; the uncertainty relating to the sale or
liquidation of the bankcard segment; the ability of the company to maintain
trade credit and contracts that are important to its operations; the financial
strength and performance of the retail and direct marketing industry; changes
in consumer spending patterns; risks associated with collections on the
company's credit card portfolio; the success of 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, the company does 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.