Obama's favorite suit-maker files for bankruptcy

[wndycty]

Obama's favorite suit-maker files for bankruptcy

CHICAGO — The Chicago-based company that makes suits preferred by President Barack Obama has filed for bankruptcy.

Hartmarx Corp. and its U.S. subsidiaries filed for Chapter 11 protection Friday. The company says its Canadian and other non-U.S. affiliates have not sought bankruptcy protection.

Hartmarx makes business, casual and golf apparel under its own brands, including Hart Schaffner Marx. The clothier’s products can be found in department stores and mail-order catalogs.

The company has arranged up to $160 million of debtor-in-possession financing and is seeking court approval to continue operating its business and paying employees.
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http://www.sj-r.com/breaking/x1278516381/Obamas-favorite-suit-maker-files-for-bankruptcy

[Cleita]

1. So does that mean the President is going to have to buy his

suits at Sears if the company can't stay in business?

[adarling]

6. probably not

since sears seems poised to go out of business as well this year

[Hepburn]

2. Hart Schaffner Marx....

...the kind of suits my grandfather wore in the 1950s. Glen plaid suit, paisley tie, fedora hat with black and white wing tips. He was quite the dresser.

Sad to see this happen.

Edit for typo

[supernova]

4. They made a lot of game show emcee suits too

:rofl:

I'm sorry they are going OoB. That's not good.

[sandnsea]

3. Well of course they did

I joined their affiliate program a month ago. :silly:

I am probably the only person in the world who can have top ten google placements for a web site and make no money. lol.

[Tesha]

5. Damn! They were Mr. Tesha's favorite suit manufacturer as well!

I hope they survive!

Tesha

[Somawas]

7. I feel certain that my tailor would be happy to make suits for the President.

Cut in the US and stitched by union labor, too.

[dragonlady]

8. Relax, they don't have to cease doing business

Chapter 11 allows the company to reorganize under the protection of the bankruptcy court, which forces their creditors to give them some space to get the business back on its feet. Barack may be buying his suits from them for years to come.

Long, detailed description of Chapter 11 bankruptcy:

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html