Venerated Fresno men's clothing store Patrick James has filed for bankruptcy protection. Patrick James photo
Written by The Business Journal Staff
A Fresno institution that has been clothing business professionals for nearly 60 years is the latest apparel retailer to file for bankruptcy protection.
Founded in Fresno by Patrick Mon Pere Sr. in 1962, Patrick James has survived some of the country’s worst economic declines while employing hundreds of people as a family-owned business with locations in three different states.
Since his father’s passing in 2018, Pat Mon Pere, Jr., president of Patrick James, is looking ahead to the future of the company.
“It is with a heavy heart that we announce the current state of the Company with the new filing of Chapter 11,” explains Pat Mon Pere. “As we work with our partners and ask for their grace, we will emerge from the filing as a healthier company moving forward, continuing to serve our communities as we have been since 1962.
The filing in federal bankruptcy court was made Oct. 9. A voluntary petition filed with the court lists more than $3.24 million in debt to Patrick James’ 20 largest creditors.
As part of the bankruptcy plan, Patrick James has secured a commitment to use cash collateral and debtor-in-position financing from existing lender UMB Bank, N.A. to continue operation.
Patrick James closed a 40-year-old location in Palo Alto last month, and plans to relocate or reduce in number its remaining 11 brick-and-mortar locations in California, Nevada and Arizona.
The company’s restructuring counsel is Hagop T. Bedoyan of McCormick Barstow, Sheppard, Wayte & Carruth in Fresno. Its financial advisor is Michael Bergthold of Stapleton Group.