Gopher-preneur book of the month, September '06
Peterman Rides Again: Adventures Continue with the Real "J. Peterman" Through Life & the Catalog Business
by John Peterman
Here is a book that looks at how the J. Peterman clothing catalogue company failed. Quite fascinating because all too often we just read success stories. In this book, John takes us down the path he took and shows us how his company went bankrupt. There is much to learn from him. I hope you enjoy the book!
The romantic product descriptions in J. Peterman's clothing catalogue not only launched one of the most eccentric careers in the retail world but led Peterman to sitcom notoriety as Elaine's boss on TV's Seinfeld. Offering "protection against the winds of Wyoming, the blizzards of Wall Street," Peterman's ad for a long cowboy duster earned him and his partners $580,000 in their first year in business. However, during the decade of his tenure at the J. Peterman Company (which is now owned by Paul Harris), Peterman's business decisions were not always sound: he expanded the catalogue business too rapidly, opened several lavish stores around the country and didn't hire experienced executives. In 1999, he sat through bankruptcy hearings and found himself out of a job.