Sales unraveling at Obama suitmaker

Posted by admin / Under Menswear (band)

Barack Obama may be wearing a Hart Schaffner Marx suit when he takes the oath of office Tuesday, but the presidential connection is looking like a hollow triumph for suitmaker Hartmarx Corp. Chicago-based Hartmarx is facing the most serious crisis in its 120-year history as the recession smothers sales of $1,500 suits like the wool-cashmere blend Mr. Obama favors. Revenue is falling, cash is running short and the stock has nose-dived to 30 cents. Trading was exiled recently from the New York Stock Exchange — where Hartmarx had been listed since just after World War II — to the over-the-counter...

Published on Friday 30th of July 2010 12:33:20 AM

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