Hart Schaffner Marx owner files for Chapter 11
NEW YORK (AP) — HMX Acquisition Corp., the owner of tailored clothing brands including Hickey Freeman and Hart Schaffner Marx, is filing for Chapter 11 bankuptcy protection.
The labels Hickey Freeman and Hart Schaffner Marx got their start in 1887 in Chicago and have been worn by presidents including Barack Obama.
Their original parent company, Hartmarx, filed for bankruptcy in 2009 and was acquired by British company Emerisque Brands and the North American branch of Indian clothing company SKNL.
HMX has lined up $65 million in debtor-in-possession financing to let it pay vendors and continue operations.
Authentic Brands Group LLC, a licensing company affiliated with private equity firm Leonard Green & Partners, has agreed to submit an initial bid for the company, known as a "stalking-horse bid," in a court-supervised auction of the business.