Hartmarx Files Chapter 11

This is not big news in the scheme of things, but this headline caught my eye: Hartmarx Files for Bankruptcy Amid Sales Decline.

A decline in clothing purchases, particularly luxury items, coupled with lower borrowing capacity under a senior credit facility led to the bankruptcy filing, Hartmarx said in the statement.

Obama took the oath of office in a Hart Schaffner Marx suit. When I was a new stockbroker, I aspired to be so successful that I could buy this quality of suit. It was silk lined! Suits back then could be bought for the equivalent of one ounce of gold, about $35.

I looked at the Hartmarx website and saw that

a Navy Pinstripe Worsted Suit is Priced at $695.00. That’s a stockbroker suit of the 70s!

A Hickey Freeman was another step up.

A Grey Blue Plaid Suit is priced at $1,625.00, but is currently on sale for $812.50.

The price of gold closed Friday at $895 and looks like it wants to go higher. I should have saved my old suits.

3 Responses to “Hartmarx Files Chapter 11”

  1. My sister in law works for Macy’s here in Houston. Last summer she called and had me go to the Men’s Store where they were clearing out sports jackets for $19.99. Most of them were so bad you’d have to be on serious drugs to want one; but I did find a nice brown plaid Joseph Aboud (sp), original purchase price of $300. You can’t get a good shirt for $19.99 so I grabbed it up. I get to wear nice clothing to church and that’s about it; not much need for them when I’m working as a locksmith.

  2. In this economic times, you are going to see more and more “scrimping” by the American public…. Obama will probably still be able to buy his fancy suits but the citizens of this country are having to cut back….. I bet you would have looked nice in one of those fancy suits…

  3. Mike, what are your thoughts on silver?

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