News summary: Clothing maker files Ch. 11
THE NEWS: HMX Acquisition Corp., the owner of tailored clothing brands including Hickey Freeman and Hart Schaffner Marx, is filing for Chapter 11 bankruptcy protection.
THE CONTEXT: The labels Hickey Freeman and Hart Schaffner Marx got their start in 1887 in Chicago and have been worn by presidents including Barack Obama. Their original parent company, Hartmarx, filed for bankruptcy in 2009 and was acquired by British company Emerisque Brands and the North American branch of Indian clothing company SKNL.
WHAT'S NEXT: Authentic Brands Group LLC is submitting an initial bid for the company in a court-supervised auction.