Company makes suits for U.S. President Obama
The Associated Press
Posted: Oct 19, 2012 4:55 PM ET
Last Updated: Oct 19, 2012 4:18 PM ET
The firm behind Hamilton's Coppley clothing has filed for bankruptcy protection in the United States.
HMX Acquistion Corp. also owns brands Hickey Freeman and Hart Schaffner Marx; brands that got their start in 1887 in Chicago and have been worn by U.S. President Barack Obama. The American president wore their suits on his election and inaugration nights.
HMX has lined up $65 million in debtor-in-possession financing to let it pay vendors and continue operations.
Authentic Brands Group LLC, a licensing company affiliated with private equity firm Leonard Green & Partners, has agreed to submit an initial bid for the company, known as a "stalking-horse bid," in a court-supervised auction of the business.
In a filing with the U.S. Bankruptcy Court for the Southern District of New York, the company claimed assets of zero to $50,000 and liabilities between $50 million to $100 million.
The company has manufacturing operations in Hamilton, Rochester, New York and Des Plaines, Illinois.
It filed a warning notice with the U.S. Department of Labor regarding potentially closing the Rochester plant in December, with 431 jobs at the plant and 71 jobs at its corporate headquarters in New York expected to be affected.
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