3 of 15
BACKNEXT
The president's suit maker needs a bailout
The president's suit maker needs a bailout
Not even having ultra-dapper President Obama as a customer could help Hartmarx. The Chicago-based clothing maker declared bankruptcy in January, just after the president wore its suits for his inauguration and election night attire.

The company listed between $100 million and $500 million in assets and liabilities, and noted in its filing a "substantial decline in discretionary apparel purchases by consumers and by the company's retail customers."

Established in 1872, Hartmarx makes business, casual and golf clothes for its own brands -- including Hart Schaffner Marx, Palm Beach and Racquet Club -- and has exclusive rights to market under other luxury brands -- including Tommy Hilfiger, Burberry men's tailored clothing, Ted Baker, Pierre Cardin and Perry Ellis.

Currently, the brands look to survive under the guidance of British equity firm Emerisque, which bid $128.4 million for Hartmarx.

NEXT: Six Flags waves the white flag

Last updated September 25 2009: 2:55 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
7 quirky luxury products for the super rich Take a look at some of the most unusual luxury products being marketed to the top 1% in Monaco, including a rotating sunbed, hand-made wooden skis and fur coats for dogs. More
Five things to know about Putin's Russia An economic crisis, Western sanctions and a comeback currency: What's going on in Russia? More
9 up-and-coming collectible cars They're relatively cheap now but these models have already caught collectors' eyes and are expected to increase in value in years to come More

Special Offer