J. Peterman Seeks Bankruptcy Protection

Retailer J. Peterman is seeking Bankruptcy Court protection from its creditors. The catalog company, whose nostalgic, high-priced clothing and accessories have inspired imitation as well as satire on the sitcom “Seinfeld,” said holiday sales were poor. The U.S. Bankruptcy Court in Lexington, Ky., where the retailer is based, is to consider motions in the filing today. The petition is under Chapter 11 of the U.S. Bankruptcy Code, which enables a company to operate under a court’s supervision while it develops a plan for returning to solvency. Lawyers for the company told a Kentucky TV station there were no immediate plans to close any of the company’s 13 stores or to lay off any of its 600 employees, 400 of whom work in Lexington. Privately held J. Peterman started his business in 1987 with a catalog that became known for its quirky copy, which featured personal musings about the retro-style clothing and accessories offered for sale. The marketing approach was imitated by other retailers.