Oct 19 HMX Acquisition Corp, the firm behind
clothing brands Hickey Freeman and Coppley, filed for Chapter 11
bankruptcy protection on Friday in a Manhattan court.
The company, best known for tailoring suits under the Hart
Schaffner Marx brand for U.S. Presidents, also sought court
approval for a 'stalking horse bid' from Authentic Brands Group
A stalking horse bid gives the bidder first preference over
a bankrupt company's assets and sets a minimum threshold for
HMX listed assets of less than $50,000 and liabilities of
between $50 million to $100 million in the filing. It listed
Pacificways Ltd, Conde Nast and others among its largest
The company's brands, which include Christopher Blue and
Sansabelt, are sold at well-known retailers like Dillard's Inc
and Nordstrom Inc.
HMX said its existing lender, Salus Capital, would provide
it with a $65 million debtor-in-possession facility to continue
operating its business during the bankruptcy.
The Canadian affiliates of the company have not sought
bankruptcy protection, HMX said.
The case is In re: HMX Acquisition Corp, U.S. Bankruptcy
Court, Southern District of New York, No:12-14300.