That filing came one day after apparel retailer Goody's LLC officially filed for a Chapter 11 liquidation just three months after emerging from bankruptcy, citing disastrous holiday sales and unexpected difficulties in its re-emergence from a previous restructuring. The company's creditors holding the largest unsecured claims against it include Wooyang Co. This led to a decrease in the debtors' borrowing availability under the prepetition credit facility and further constricting of the company's liquidity, according to court documents. Martens and Jack Nicklaus, among others, Reuters reported Saturday. The case is In re: By Morgan Bettex Law January 26, , The company's Canadian and other non-U. Hartmarx and 50 U.
Martens and Jack Nicklaus, among others, Reuters reported Saturday. Morgan, the company's chief financial officer, in an affidavit filed Friday. This led to a decrease in the debtors' borrowing availability under the prepetition credit facility and further constricting of the company's liquidity, according to court documents. Hartmarx said it would continue to conduct business as usual as its management focuses on developing and executing a restructuring plan, which may include the sale of substantially all its assets. Hartmarx's products are sold at a variety of luxury, premium and moderate prices under established brand names, both owned and licensed, including Hart Schaffner Mark and Hickey Freeman, two of most recognized brands in men's tailored clothing. It also holds licenses for Burberry men's tailored clothing, Pierre Cardin, Dr. The debtors blamed the Chapter 11 filing on changing trends in the clothing market — away from tailored suits and sport coats to more casual dressing in the workplace — that have caused declining revenues and demand for the company's products over the past few years. The company's creditors holding the largest unsecured claims against it include Wooyang Co. In addition to a motion seeking approval of the DIP facility, the debtors filed a host of first-day emergency motions Friday seeking the court's permission to pay prepetition wages, salaries and employee benefit plans, continue the plans and programs post-petition, and prohibit utilities from refusing or discontinuing services on account of prepetition invoices. The company's broad range of distribution channels includes fine specialty and leading department stores, value-oriented retailers and direct mail catalogs. The case is In re: The company also custom-made the suit the president wore on election night, the Associated Press reported. With 2, employees, Hartmax is Obama's suit maker, according to the Chicago Sun-Times, which reported that the company made the tux, topcoat and suit he wore for his inauguration. Hartmarx and 50 U. As results from the weak holiday season are tallied, bankruptcy attorneys and experts predict a wave of new filings by retailers in the first quarter of Hartmarx is the latest in a string of retail chains to seek bankruptcy protection as a result of depressed consumer spending and the global credit crunch in the past several months. By Morgan Bettex Law January 26, , Among the largest manufacturers and marketers for men's suits and sport coats in the U. That filing came one day after apparel retailer Goody's LLC officially filed for a Chapter 11 liquidation just three months after emerging from bankruptcy, citing disastrous holiday sales and unexpected difficulties in its re-emergence from a previous restructuring. The company's Canadian and other non-U. Bankruptcy Court for the Northern District of Illinois. Other retailers in bankruptcy include Circuit City Stores Inc.
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