President Barack Obama may heart Hartmarx, but it still hasn't saved the company from falling victim to the bad economy. We know we rarely report on men's fashion…but we are talking the President and a Chicago firm here. According to WWD, late
last Friday, the President’s favorite Chicago tailor, and one of the oldest and
best-known names in men’s wear, Hartmarx Corp., filed a voluntary
petition for Chapter 11 bankruptcy court protection.
The Chicago-based firm which was founded in 1872, whose Hart Schaffner Marx clothing label
was President Obama’s brand of choice for his inauguration and
campaign, has secured a $160 million debtor-in-possession credit
facility from its pre-petition lenders, which include Wachovia Capital
The company’s Canadian affiliate and other non-U.S. holdings have not sought bankruptcy protection.
said on Friday that it will continue to operate its business as
management focuses on developing a restructuring plan, which “may
include the sale of substantially all of its assets.”
Hartmarx’s profile — a Chicago-based, moderately priced brand with a
long history of manufacturing in union shops in the U.S. — was
compatible with Obama’s political message and background. However, the costs
of producing domestically cut into margins and ultimately made it
difficult for the company to maneuver through the recession.
Read "Hartmarx Corp. Files for Chapter 11" here.See the Top Ten Summer 2016 Trends for Women Over 40