Spiegel Late Again in Filing Financial Forms

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Spiegel Inc.'s long-running failure to file required financial documents in a timely fashion continued yesterday when the company announced it would be late in filing its annual report to securities regulators.

Spiegel, which filed for bankruptcy earlier this month, said it was advised by its auditor, KPMG LLP, that it could not provide an audit opinion until it sees a report from an independent examiner appointed under the terms of a partial final judgment consented to by Spiegel. The form was supposed to be filed with the SEC on March 28.

Spiegel spokeswoman Allison Scherer said the delay will have no impact on operations or cash flow.

"It's business as it has been," she said, adding that "there's no specific date" for when the form will be filed.

KPMG also said it would be unable to perform a review of any of Spiegel's 2003 quarterly financial reports.

Last month, the SEC filed suit alleging that the Downers Grove, IL-based direct marketer violated securities laws by withholding material information from the public.

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