J.Peterman, the quirky catalog company that seemed to have been saved from the brink of extinction a year and half ago, is up for sale again. Its buyer, Paul Harris Stores Inc., has put the division up for sale in order to focus on its core competency of women’s business casual wear.
The company is experiencing a cash shortage and its loss for the second quarter exceeds 50 cents a share. Paul Harris did manage to extend its credit line from the LaSalle Bank from $37 million to $45 million. The company hopes selling J.Peterman will help it raise quick cash.
Paul Harris bought J.Peterman for $10 million in March 1999. Sales for Peterman are up, according to the Indianapolis-based retail chain.
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