HMX Acquisition Corp., owner of the
Hickey Freeman and Hart Schaffner Marx clothing brands, filed
for bankruptcy protection with a plan to sell its assets to
Authentic Brands Group LLC.

The company listed assets of less than $50,000 and debt of
more than $50 million in Chapter 11 documents filed today in
U.S. Bankruptcy Court in Manhattan, where it’s based. Affiliate
HMX Poland Sp. Zoo, which owns all the equity in HMX
Acquisition, listed as much as $50 million in assets.

Both U.S. President Barack Obama and Republican challenger
Mitt Romney wore suits made by the company at the second
presidential debate this week, with Obama wearing a Hart
Schaffner Marx and Romney opting for a Hickey Freeman, according
to a Women’s Wear Daily article.

HMX Acquisition agreed to sell virtually all its assets to
New York-based Authentic Brands on Oct. 16 for an undisclosed
price that will be tested at a bankruptcy auction, according to
court papers.

Jared D. Zajac, a lawyer for HMX, didn’t immediately
respond to a phone call after normal business hours seeking
comment on the filing and the proposed sale. Nick Woodhouse, a
spokesman for Authentic Brands, didn’t reply an e-mail seeking
comment on its planned acquisition. Gitae Lee, a spokeswoman for
HMX Group, also didn’t answer an e-mail for comment.

Zippered Pants

The 125-year-old clothier founded by immigrant brothers
Harry and Max Hart traces its roots as far back as 1872 after
the Great Chicago Fire, according to its website. It officially
became Hart Schaffner Marx in 1887 when the Hart’s cousins Levi
Abt and Marcus Marx left the company and Joseph Schaffner,
another cousin, joined. The suitmaker was the first to tailor
suits for different body types and the first to introduce
zippered pants.

Known as Hartmarx Corp. (HTMXQ) when it sought court protection in
January 2009, the company was bought out of bankruptcy for
$128.4 million in June 2009 by private-equity firm Emerisque
Brands U.K. Ltd. and its partner, SKNL North America BV.
Hartmarx listed assets of $483 million and debt totaling $261
million as of October 2008 in its bankruptcy filing.

The company’s existing lender, Salus Capital Partners LLC,
has agreed to provide HMX with $65 million in financing to help
fund operations while in bankruptcy, according to statements
from Salus and HMX. No court documents have been submitted to
verify the financing agreement.

HMX LLC, Quartet Real Estate LLC and HMX DTC Co. will also
seek court protection, according to court documents.

The 30 largest creditors without collateral backing their
claims are owed about $11.2 million, according to court papers.
Pacificways Ltd., based in Hong Kong, is the biggest with a
claim of $1.5 million.

The case is In re HMX Acquisition Corp., 12-14300 U.S.
Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporters on this story:
Dawn McCarty in Wilmington, Delaware, at
dmccarty@bloomberg.net;
Michael Bathon in Wilmington, Delaware, at
mbathon@bloomberg.net

To contact the editor responsible for this story:
John Pickering at
jpickering@bloomberg.net