Men's Clothing Forums banner
1 - 19 of 19 Posts

·
Registered
Joined
·
108 Posts
Discussion Starter · #1 ·
CHICAGO (Jan. 24) - 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 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.
Hartmarx made a tuxedo, a topcoat and a suit for Obama's inauguration. The company also made the dark-navy custom-made suit Obama wore Election Night in Chicago.
 

·
Registered
Joined
·
2,371 Posts
How badly is the IAG (Individualized Apparel Group) doing?

FWIW, the IAG (which as Oxxford, H. Freeman, which is NOT the same as Hickey Freeman and a few other brands I can't think of off the top of my head right now) and Hartmarx (which has Hickey Freeman, Hart Schaffner Marx, Burberry and a few other bands I can't think of off the top of my head right now) are each other's direct rivals.

That is why I am asking how badly the IAG is doing right now. I cannot imagine that the IAG is not doing badly right now, due to the horrific economy and too many other problems to mention.
 

·
Registered
Joined
·
2,865 Posts
They also own the Bobby Jones line, which is sold at high-end retailers (such as the golf shop at the Augusta National Golf Club, which Mr. Jones co-founded) and at four of their own stores (including one in Atlanta, where Mr. Jones was a practicing attorney for decades after he retired from competitive golf).
 

·
Super Moderator
Joined
·
27,866 Posts
Hartmarx (which has Hickey Freeman, Hart Schaffner Marx, Burberry and a few other bands
So that's how Burberry got screwed up!

(Or perhaps not as Wiki https://en.wikipedia.org/wiki/Burberry makes no mention of any Hartmarx ownership. Though Hartmarx in the past did manage to put Wallachs, Roots and F. R. Trippler out of business.)
 

·
Registered
Joined
·
3,297 Posts
So that's how Burberry got screwed up!

(Or perhaps not as Wiki https://en.wikipedia.org/wiki/Burberry makes no mention of any Hartmarx ownership. Though Hartmarx in the past did manage to put Wallachs, Roots and F. R. Trippler out of business.)
I think Burberry suits are made by Hartmarx. I don't think they have an equity stake in the company. But I may be wrong.
 

·
Registered
Joined
·
254 Posts
CHICAGO (Jan. 24) - 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.
Don't worry, under the new bailout bill they're probably getting $100,000 trillion dollars. It should be enough to let them buy Hong Kong from the Chinese so they can make suits there for cheap but still call them American made.
:pic12337:

I plan to incorporate myself this Tuesday so I can apply for bankruptcy by Friday and have a cool million in hand be early next week.:crazy:

Aaah, just a little gallows humor.
 

·
Connoisseur/Curmudgeon Emeritus - Moderator
Joined
·
37,088 Posts
Removing any semblance of politics and/or gallows humor from the conversation, the sad reality is that, with this Chapter 11 filing, more people's employment and financial futures are on the block. While I'm sure my past patronage of HSM's MTM program is not as newsworthy as that of our President, I am saddened to see this taking place...theirs has been a good product at a reasonable price!
 

·
Connoisseur
Joined
·
5,988 Posts
I am saddened to see this taking place...theirs has been a good product at a reasonable price!
At the same time this is just a reorganization at this point and there is no reason to think that they will go out of business. Look at what Harley-Davidson did. While they never reached Chapter 11 stage, they were so close to it that they could touch it, TWICE; but they managed to turn things around and become one of the most successful companies in America, returning solid dividends to their stockholders for two straight decades.

Cruiser
 

·
Super Moderator
Joined
·
27,866 Posts
Removing any semblance of politics and/or gallows humor from the conversation, the sad reality is that, with this Chapter 11 filing, more people's employment and financial futures are on the block. While I'm sure my past patronage of HSM's MTM program is not as newsworthy as that of our President, I am saddened to see this taking place...theirs has been a good product at a reasonable price!
I agree entirely, but still, I'm not convinced that Hartmarx's management over its history has been splendid. Though I do acknowledge that there are plenty of external issues that make their business as it has been constituted problematic.
 

·
Banned
Joined
·
16,023 Posts
Between sansabelt and the inaugeral tux, maybe they desrve to be bankrupt:)

Seriously, between all the senior citizen who buy sansabelt to wear with their Members Only jacket and all the KoolAid drinkers who will want a "tux" like their prophet, surely they can recover.
First a watermelon joke, now KoolAid. This is getting so much more classy.
 

·
Registered
Joined
·
421 Posts
At the same time this is just a reorganization at this point and there is no reason to think that they will go out of business. Look at what Harley-Davidson did. While they never reached Chapter 11 stage, they were so close to it that they could touch it, TWICE; but they managed to turn things around and become one of the most successful companies in America, returning solid dividends to their stockholders for two straight decades.

Cruiser
Bankruptcy is a different beast today. Due to many of he rule changes in the last few years, reorganizations are nearly impossible at best. Liquidations are becoming the de facto norm -- even if you start as a Chapt 11.
 

·
Registered
Joined
·
1,520 Posts
Oh god I hope Sansabelt is ok! With like 75 million Babyboomers about to enter their sansabelt years if they can just hold on a bit longer they will really strike paydirt. And frankly if Hillary Clinton had gotten the nomination and won the presidency we would all be talking about her sansabelt pantsuit and not that franken-tux the other guy wore.

I never did like HSM suits, I wish I had the forethought to divulge that sooner so I could gloat with more brio now. ON THE OTHER HAND I do like Hickey Freeman A LOT, maybe Hartmarx will be broken up freeing HF to go on and sansabelt to circle the drain.
 

·
Registered
Joined
·
123 Posts
Don't worry, under the new bailout bill they're probably getting $100,000 trillion dollars. It should be enough to let them buy Hong Kong from the Chinese so they can make suits there for cheap but still call them American made.
:pic12337:

I plan to incorporate myself this Tuesday so I can apply for bankruptcy by Friday and have a cool million in hand be early next week.:crazy:

Aaah, just a little gallows humor.
Save me a spot in line.
 

·
Registered
Joined
·
69 Posts
Love to see a business segment breakout

I'd love to see a business segment breakout of earnings. They must be making a tidy profit on Burberry markups on HSM goods, but there probabaly isn't enough volume there to keep the rest afloat.

Does anyone know if they actually own Burberry or just the US license? I gather it used to be just the latter, but may have expanded.
 

·
Registered
Joined
·
136 Posts
HartMarx Financials

Oculus NY:

Per the HartMarx 10-K filed in Feb 08, Burberry is an exclusive license.

The business segment breakout is just men's v. women's apparel, however the following excerpt from the MD&A indicates that your hypothesis is correct (at least as to FY 07):

"The Company achieved increased revenues and earnings in 2007 compared to 2006 from its Luxury men's product lines, consisting of Hickey-Freeman, Burberry men's tailored clothing and Bobby Jones, and from its women's segment, principally from the earlier acquisitions of Misook and Simply Blue, which markets its products under the Christopher Blue and Jag Jeans lines; however, the significant revenue and earnings declines in the moderate tailored clothing product brands in 2006 and 2007 overshadowed those product lines which experienced improvements."

Regards,
 
1 - 19 of 19 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top