Paul Harris Files for Bankruptcy

Share this content:
Slow sales and liquidity problems led women's specialty retailer Paul Harris Stores Inc. to file for bankruptcy earlier this month, the company announced this week. Paul Harris has arranged for the sale of most assets of its J. Peterman Co. for $4.3 million, which is almost $6 million less than what Paul Harris paid for the company last year. Paul Harris has already sold the "intellectual property" of the J. Peterman brand to an affiliate of Schottenstein Bernstein Capital Group LLC for $700,000 and has entered into a joint venture with the group to sell its inventory. Under the agreement, the company received an upfront payment of $1.6 million and is expected to receive additional money after a count of its inventory is completed. The LaSalle National Association will provide up to $45 million in debtor-in-possession financing. Paul Harris acquired J. Peterman for approximately $10 million. The company also created a Web site for J. Peterman that has been discontinued. J. Peterman was known for its catalog, which featured upscale clothing and other products. The catalog was discontinued before the company was purchased.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above