On 25 May 2005, Spiegel, Inc. emerged from bankruptcy, was renamed Eddie Bauer Holdings, and is now owned primarily by Commerzbank.
Otto and his family own extensive real estate in Canada and in the United States,[citation needed] shopping centers in Germany and part of home-furnishings chain Crate & Barrel.
Known as a committed environmentalist, his company has long touted environmentally safe products.
Otto is president of the Foundation 2°, which promotes a transition towards a carbon-free economic system.
[4] He once stated about this transition: "Understanding climate protection as a modernisation project for the economy can now play an important role in overcoming the consequences of the Corona crisis – and at the same time help to avoid profound negative impacts of the climate crisis.