CHICAGO (CN) – Hart Schaffner & Marx filed for Chapter 11 bankruptcy, listing $483 million in assets and $261 million in liabilities. President Barack Obama favors Hart Schaffner & Marx suits, and wore one of their tuxes to the inaugural ball. It is the largest maker of men’s tailored clothing in the United States.
Hartmark Corp. and 50 affiliates, including Hart Schaffner & Marx, were listed in the bankruptcy filing.
Fashionistas sniffed at Obama’s Hart Schaffner & Marx inaugural tux as bland, but market watchers attribute the bankruptcy to reduced demand and increased difficulty of obtaining credit.
Hartmarx was founded in Chicago in 1872 by brothers Harry and Max Hart.
The company said it will keep operating, but may sell some of its assets.