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FOR IMMEDIATE RELEASE

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


              The Spiegel Group Files Independent Examiner's Report

DOWNERS GROVE, Ill. - September 12, 2003 - The Spiegel Group (Spiegel, Inc.)
today announced that the Independent Examiner appointed by the U.S. District
Court in Chicago (the Court) has submitted his report to the Court and other
parties. In March, the company entered into a Consent and Stipulation with the
Securities and Exchange Commission (SEC) resolving, in part, claims asserted in
the action brought against the company by the SEC. As part of the terms of the
Consent and Stipulation, the company 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 company plans to voluntarily
file the report with the SEC on Form 8-K today.
         The company stated that it remains committed to cooperating fully with
the SEC in its investigation of the company's compliance with federal securities
laws. The company is not commenting on the investigation or the content of the
Independent Examiner's report.
         The Spiegel Group is a leading international specialty retailer
marketing fashionable apparel and home furnishings to customers through
catalogs, 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 and Spiegel Catalog. Investor relations
information is available on The Spiegel Group Web site at
http://www.thespiegelgroup.com.

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