Dear Friends and Colleagues,
As many of you already know, Patrick James filed for Chapter 11, code subchapter V, on October 9th due to the effects of the pandemic and to a lesser degree the fires that have plagued California. It was an incredibly difficult decision to make, and we explored every option available to us, but in the end, we simply ran out of runway. We closed our Palo Alto location of over 40 years in September and we will have to close a few more of the 11 remaining stores through this Holiday period as we restructure for the future. This has weighed heavily on us as many of the people working for us have been with us for well over 30 years.
I sincerely apologize to all of our vendors and friends who are affected by this filing. Once the decision was made, I was quite anxious to begin reaching out to vendors, not knowing what to expect but fearing the worst. With a couple of exceptions, I have been absolutely humbled by the response of so many of our long-time vendors. Instead of worrying about their immediate losses, many instead asked “How can we help?” I feel this speaks volumes about the quality of the people and relationships that make up our industry as well as their understanding of the unique circumstances that led to our decision.
Our current lender is supporting us through the filing and will be acting as our DIP financier as well. We have a great deal of work ahead of us over the next few months, but we look forward to emerging from our Chapter 11 as a much healthier company that will allow us to support our vendors and serve our clients for many years to come.
Patrick Mon Pere, president and CEO of Patrick James