Paul Harris Stores to Sell J. Peterman Unit
Paul Harris Stores Inc., stung by shrinking sales in its chain of 300 apparel stores, will put its J. Peterman division up for sale in a move to ease a cash-flow crunch. Paul Harris bought Lexington, Ky.-based J. Peterman--whose poetic catalog was lampooned on the “Seinfeld” television program--for $10 million at a bankruptcy auction in March 1999. A company spokeswoman said J. Peterman’s sales are up, but did not have specific figures. Paul Harris also said second-quarter losses will be “well in excess of 50 cents a share,” versus a loss of $561,000, or 5 cents, in the year-earlier period. Shares in Indianapolis-based Paul Harris plunged $1.19, or 40%, to close at $1.75 on Nasdaq.
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