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To: EepOpp who wrote (21927)	1/25/1999 11:12:00 PM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Very O.T. - news regarding J. Peterman (which I was never sure as to whether or not it actually existed). January 25, 1999 J. Peterman Files for Bankruptcy Filed at 7:53 p.m. EST By The Associated Press LEXINGTON, Ky. (AP) -- Retailer J. Peterman on Monday sought 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 ''Seinfeld'' television comedy series, complained of poor holiday sales. The U.S. Bankruptcy Court in Lexington was to consider motions in the filing on Tuesday. The petition is under Chapter 11 of the U.S. Bankruptcy Code, which enables a company to keep operating under a court's supervision while it develops a plan for returning to solvency. ''The holiday season in catalog was soft,'' which caused inventory overstocks, John Peterman, the company's founder, told WKYT-TV in Lexington. Lawyers for the company told the 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. Calls to the company by The Associated Press were not immediately returned. Peterman started his business in 1987 with a catalog that became noted for its quirky copy, which featured extended personal musings about the retro-style clothing and accessories offered for sale. The marketing approach was imitated by other retailers and become the target of satire by the top-rated television comedy ''Seinfeld.'' During the show's final three seasons, ending last May, the character Elaine worked for J. Peterman, whose headquarters were relocated to New York for the show's purposes. There, she was terrorized by a fictional version of John Peterman (played by character actor John O'Hurley), who delivered spacy monologues about his world travels, ramblings that echoed the catalog's copy. The real Peterman, a much more straightforward businessman, professed to enjoy the joke and decided early last year to capitalize on the ''Seinfeld'' notoriety with a retail rollout that included plans for 50 stores and 20 catalog outlets. Executives were recruited from J. Crew, Calvin Klein and The Gap, $10 million was raised from private investors and plans were made to target upscale markets. By last month, though, the company had laid off 20 people at its Lexington headquarters and put a freeze on new store openings through mid-1999. Peterman blamed worldwide financial upheaval and uncertainty surrounding the impeachment of President Clinton for slower-than-expected sales in the catalog business and said the company was experiencing ''growing pains.'' Copyright 1999 The New York Times Company