Spiegel Told to End Credit Card Business

Spiegel Inc., owner of Eddie Bauer stores and the Spiegel catalog, was ordered by the Office of the Comptroller of the Currency to start liquidating its credit card business.

The company won’t meet requirements on two of the securities backed by the bank card debt and is in danger of defaulting on a third that is backed by the credit card receivables, according to a regulatory filing.

Shares of Downers Grove, Ill.- based Spiegel fell 1 cent to 18 cents in over-the-counter trading.