Last-Minute Bid Keeps J. Peterman Intact

Catalog retailer J. Peterman Co. was saved in a last-minute deal at a liquidation auction and will remain in business. The winning $10-million bid came from Paul Harris Stores Co., a women’s apparel retailer that plans to move forward with a plan to expand Peterman’s retail operation. Schottenstein Bernstein Capital Group, which had offered $8.8 million to liquidate the company, dropped out once the bidding reached $10 million. Founder John Peterman had spent the last 10 days preparing to dismantle his Lexington, Ky.-based company after failing to find a buyer to rescue it from Chapter 11 bankruptcy protection. All Peterman employees who were laid off will be brought back by Paul Harris, Peterman said.