Hartmarx files for Chapter 11 bankruptcy protection…
Apparel maker Hartmarx Corp, the maker of Hart Schaffner Marx mens clothing filed for Chapter 11 bankruptcy protection, citing a substantial drop in demand for its products and an inability to secure financing. The Chicago based suitmaker said discretionary apparel purchases have dropped sharply, particularly at luxury price points. It is seeking court approval to continue operating, while it pursues alternatives for its business.
Hartmarx makes the suit of choice for our newly elected President Obama. Shoppers started asking for the Obama suit — the navy blue, worsted-wool, two-button suit that Chicago’s Hartmarx tailored just for Barack Obama. The Obama suit is single-breasted, 97 percent worsted wool and 3 percent cashmere. The pleated pants have an inch-and-a-quarter cuffs. Hart Schaffner Marx, at 121 years old is the largest suitmaker in America.
There is a major difference in men’s versus women’s clothing. No matter how much J. Crew can revel in the Obama women wearing their brands, it evidently does not do the same for Mr. Hartx owns and produes other apparel in addition to Hart Schaffner Marx, such as Palm Beach,licences for Burberry men’s tailored clothing, Pierre Cardin, Dr. Martens, and Jack Nicklaus.
Maybe Obama can save a suit maker while he is at it.