Suit Maker For Obama Hartmarx Files For Ch. 11

Law360, New York (January 26, 2009, 12:00 AM EST) -- Hartmarx Corp., a high-end clothier that has custom-made suits for President Barack Obama, filed for Chapter 11 bankruptcy protection Friday, citing the decline in discretionary apparel purchases and the global credit crunch.

Hartmarx and 50 U.S. subsidiaries filed voluntary petitions for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois, listing assets of $483 million and liabilities of $261 million.

In conjunction with the filing, the Chicago-based company's existing lenders have ratified and reaffirmed up to $160 million of prepetition commitments...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.