Hartmax Corp., the manufacturer whose suits are favored by President Barack Obama, filed for Chapter 11 bankruptcy. The Chicago-based company said its lenders have ratified up to $160 million in debtor-in-possession financing to keep operating as it reorganizes, including considering selling some or all of its assets. Tight credit markets and a retreat in consumer spending, especially in luxury clothing, dealt the company its latest blow. "We believe the that today's filing and our DIP financing provide us with sufficient funding and allows us to operate our business currently as we pursue strategic alternatives," said Homi Patel, chairman and CEO of Hartmarx.
Monday, January 26, 2009
Hartmarx, clothier to President Obama, files for Chapter 11
Hartmarx makes business, casual and golf apparel under a wide range of brands including Hart Schaffner Marx, Hickey-Freeman, Sansabelt and Christopher Blue.
Hartmax Corp., the manufacturer whose suits are favored by President Barack Obama, filed for Chapter 11 bankruptcy. The Chicago-based company said its lenders have ratified up to $160 million in debtor-in-possession financing to keep operating as it reorganizes, including considering selling some or all of its assets. Tight credit markets and a retreat in consumer spending, especially in luxury clothing, dealt the company its latest blow. "We believe the that today's filing and our DIP financing provide us with sufficient funding and allows us to operate our business currently as we pursue strategic alternatives," said Homi Patel, chairman and CEO of Hartmarx.
Hartmax Corp., the manufacturer whose suits are favored by President Barack Obama, filed for Chapter 11 bankruptcy. The Chicago-based company said its lenders have ratified up to $160 million in debtor-in-possession financing to keep operating as it reorganizes, including considering selling some or all of its assets. Tight credit markets and a retreat in consumer spending, especially in luxury clothing, dealt the company its latest blow. "We believe the that today's filing and our DIP financing provide us with sufficient funding and allows us to operate our business currently as we pursue strategic alternatives," said Homi Patel, chairman and CEO of Hartmarx.
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