President Obama’s Suit Maker Declares Bankruptcy

August 5, 2009

Even after President Barack Obama wore its suits for his inauguration and election night, the Chicago-based clothing maker, Hartmarx, was forced to file bankruptcy in January. The company, which was established in 1872, says that it has seen a “substantial decline in discretionary apparel purchases by consumers and by the company’s retail customers.”

Hartmarx listed its assets and liabilities between $100 million and $500 million. It manufactures luxury suits for its own brands, including Hart Schaffner Marx, Palm Beach, and Racquet Club. It is also the owner of exclusive rights to market its products under other labels, such as Tommy Hilfiger, Burberry, Ted Baker, Pierre Cardin, and Perry Ellis.

The British equity firm, Emerisque bid $128.4 million for the company. Hartmarx was one of 14 different brand name companies, which was profiled by CNNMoney.com, in a report about major marks declaring bankruptcy.

The story about Hartmarx focused on the fact that even the suit maker of the President of the United States has fallen on hard times.