Barack Obama’s 2009 inauguration ceremony was notable for any number of reasons, but for the fashion-conscious, one facet in particular stood out: The new President was wearing an authentic tuxedo from Hart Schaffner Marx. For those not in the know, this is the high-end apparel company that can trace its origins to the small Chicago clothing shop founded by the Hart brothers back in 1872. In fact, the company is something of a Presidential tradition, as many of our Commanders in Chief have publicly worn a Hart Schaffner Marx suit over the years. Today, however, the company has become yet another high-profile bankruptcy case. Its parent company, HMX Acquisition Corp., has filed for Chapter 11 reorganization, citing less than $50,000 in assets and liabilities exceeding $50 million.
Incidentally, this is not the first time that Hart Schaffner Marx has found itself in bankruptcy court. The company sought Chapter 11 protection back in 2009—not long, in fact, after the Obama inauguration. But, you ask, how it this possible? Aren’t there limits on the number of times you can go bankrupt? Not in this case. Unlike Chapter 7 liquidation, which can happen only once every eight years, there are no restrictions on the frequency of filing Chapter 11.
If you or your company is facing financial problems, you may have more options than you think. Call Suffolk County bankruptcy attorney Ronald D. Weiss today to begin exploring them.